Massive concrete merger passes hurdle
Summit Materials, Inc., one of the U.S.' largest producers of aggregates and cement, is sharing news of the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The announcement is in connection with Summit's previously announced agreement to be acquired by Quikrete Holdings, Inc. for $52.50 per share in cash, or a grand total of roughly $11.5 billion.
The mega-deal, which is expected to close within the first quarter of 2025 and would bring together two of the country's largest building materials giants, is subject to the satisfaction of remaining customary closing conditions. It is also pending a receipt of regulatory approvals and Summit stockholder approval.
Upon completion of the merger, Summit will become a privately held subsidiary of Quikrete, and its common stock will no longer be traded on the NYSE.
