Summit Materials directors approve Quikrete Holdings takeover offer

Sources: Summit Materials Inc., Denver; CP

Summit Materials Inc. has entered a definitive agreement to be acquired by Atlanta-based Quikrete Holdings Inc. for $52.50 per share in a cash transaction valued upward of $11.5 billion. Summit directors have approved terms of the offer unanimously and will recommend shareholders vote accordingly ahead of a planned transaction closing during the first half of 2025. Top shareholder, Colombia-based Cementos Argos, has agreed to vote in favor of the deal, while Quikrete has secured letters for financing necessary to complete the transaction.

“This acquisition represents a significant milestone in our journey to expand our capabilities and geographic presence,” affirms 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.”

“In reaching this decision, our Board carefully considered a range of alternatives and determined that this transaction is the best way to maximize value for our shareholders,” says Summit Chairman Howard Lance.

“This combination, and the value it creates, is a testament to our stellar strategic and financial performance, agile operational and commercial execution, and to the strength and talent of our entire team who have delivered a 34.6 percent annualized return since we began to develop our Elevate strategy on September 1, 2020,” adds CEO Anne Noonan. “We believe this transaction will create new and exciting opportunities for our employees and customers. In Quikrete, we have found a strong partner that shares our commitment to safety and innovation, and we are excited to join forces with their team.”

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 will become a privately held subsidiary of Quikrete Holdings, its shares no longer trading on the New York Stock Exchange.