Summit Materials has entered a definitive agreement to be acquired by Atlanta-based Quikrete Holdings for $52.50 per share in a cash transaction valued upward of $11.5 billion.
“This acquisition represents a significant milestone in our journey to expand our capabilities and geographic presence,” said Quikrete CEO Will Magill. “Summit is a recognized leader with a highly complementary portfolio of trusted aggregate, cement and ready-mix solutions. We look forward to working closely with the talented team at Summit to achieve our shared vision for the future.”
The transaction combines Summit’s leading aggregates, cement and ready-mix concrete businesses with Quikrete’s leading concrete and cement-based products business to create a vertically integrated, North American, construction materials solutions provider with strong customer relationships and iconic products.
Summit’s board of directors approved the terms of the offer unanimously and will recommend shareholders to vote accordingly ahead of a planned transaction closing during the first half of 2025. Upon completion of the transaction, Summit will become a privately held subsidiary of Quikrete and its common stock will no longer be traded on the NYSE.
