Quikrete Acquires Summit Materials in $11.5B Deal
Deal News | Dec 04, 2024 | EIN
Quikrete Holdings, Inc., a leading building materials company based in Atlanta, has entered a definitive agreement to acquire Summit Materials, Inc. in a substantial $11.5 billion transaction. The deal values Summit at $52.50 per share in cash and includes debt. This transformational acquisition combines Summit's prominent aggregates, cement, and ready-mix concrete businesses with Quikrete's renowned concrete and cement-based products. The merger aims to elevate the combined entity's offerings across the North American construction, residential, and infrastructure markets. Legal representation for the transaction is being provided by national law firm Troutman Pepper, known for their corporate expertise in handling large-scale M&A dealings. This significant strategic acquisition is pending shareholder and regulatory approvals and is anticipated to close in the first half of 2025.
Sectors
- Construction Materials
- Mergers & Acquisitions
Geography
- United States – Quikrete is based in Atlanta, Georgia, and services the US market, with this acquisition potentially impacting the US construction industry significantly.
- Canada – Quikrete's operations extend to the Canadian market, indicating the potential broader North American impact of the acquisition.
Industry
- Construction Materials – This transaction involves leading companies in the construction materials industry, with Quikrete and Summit Materials both having substantial operations in cement and concrete products.
- Mergers & Acquisitions – The article discusses a major M&A transaction involving Quikrete's acquisition of Summit Materials for $11.5 billion.
Financials
- 11.5B – Total enterprise value of Quikrete's acquisition of Summit Materials.
- 52.50 – Per share cash value offered to Summit Materials shareholders.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Quikrete Holdings, Inc. | Bidding Company | Company | A leading US-based building materials company focusing on cement and concrete products. |
| Summit Materials, Inc. | Target Company | Company | An entity involved in aggregates, cement, and ready-mix concrete businesses. |
| Troutman Pepper | Legal Advisor | Company | A national law firm advising on corporate and M&A transactions. |
| David Ghegan | Partner | Person | A partner at Troutman Pepper, part of the legal team advising on the Quikrete-Summit transaction. |
| Steven Khadavi | Partner | Person | A partner at Troutman Pepper, contributing to the legal advisory team. |
| Brad Boericke | Partner | Person | A partner at Troutman Pepper, involved in structuring the deal. |
| Mark Wilhelm | Partner | Person | A partner at Troutman Pepper leading aspects of the transaction. |
| Tricia McNeill | Associate | Person | An associate at Troutman Pepper, supporting the legal team. |
| Hannah Offerle | Associate | Person | An associate at Troutman Pepper, part of the deal's legal advisory team. |
| Monica Vu | Associate | Person | An associate at Troutman Pepper contributing to legal strategy. |