Sources: Forterra Inc., Irving, Texas; CP staff
In a new U.S. Securities and Exchange Commission filing, Forterra details an Asset Purchase Agreement to advance a merger with Quikrete Holdings Inc. The Agreement calls for the sale of Dallas/Fort Worth, Houston and San Antonio concrete pipe production assets—presently held by Quikrete subsidiary Rinker Materials—to Oldcastle Infrastructure Inc. The proposed transaction anticipates divestments the U.S. Department of Justice Antitrust Division would stipulate as part of a settlement critical to consummating the merger. The Texas asset package would be the third such divestment, alongside a partnership stake plus pipe and precast plants Forterra and Quikrete have agreed to sell to Concrete Pipe & Products, Virginia, and Foley Concrete Products, Georgia.