Brief: Summit Materials To Combine With Argos USA

Summit Materials

07/09/2023 13:34

Sept 7 (Reuters) - Summit Materials Inc  SUM.N :
    * SUMMIT MATERIALS TO COMBINE WITH ARGOS USA, CREATING A
MATERIALS-LED ENTERPRISE WITH NATIONAL SCALE
    * SUMMIT MATERIALS INC - PROPOSED DEAL FOR $3.2 BILLION
    * SUMMIT MATERIALS INC: CEMENTOS ARGOS WILL RECEIVE
APPROXIMATELY
$1.2 BILLION IN CASH
    * SUMMIT MATERIALS INC: CEMENTOS ARGOS WILL RECEIVE
APPROXIMATELY
54.7 MILLION SHARES OF SUMMIT STOCK
    * SUMMIT MATERIALS INC - CEMENTOS ARGOS WILL OWN
APPROXIMATELY 31%
OF COMBINED COMPANY ON A FULLY DILUTED BASIS UPON CLOSING OF
TRANSACTION
    * SUMMIT MATERIALS - DEAL EXPECTED TO BE 15-25% ACCRETIVE TO
FREE
CASH FLOW PER SHARE AS WELL AS ACCRETIVE TO CO'S REVENUE AND
EBITDA GROWTH RATES
    * SUMMIT MATERIALS INC - COMBINED COMPANY WILL BE LED BY
ANNE
NOONAN, SUMMIT'S PRESIDENT AND CEO
    * SUMMIT MATERIALS INC - COMMITTED FINANCING FOR
TRANSACTION, IN
FORM OF A BRIDGE LOAN TO FINANCE CASH CONSIDERATION IS BEING
PROVIDED BY MORGAN STANLEY
    * SUMMIT MATERIALS- COMBINED COMPANY WILL CONTINUE TO
OPERATE AS
SUMMIT MATERIALS AND CONTINUE TO TRADE ON NYSE UNDER TICKER
SYMBOL "SUM."
    * SUMMIT MATERIALS: SUMMIT BOARD EXPECTED TO COMPRISE EIGHT
SUMMIT-APPOINTED REPRESENTATIVES AND THREE REPRESENTATIVES
APPOINTED BY CEMENTOS ARGOS

Source text for Eikon:  ID:nPn5Dshrwa 
Further company coverage:  SUM.N 

 ((Reuters.Briefs@thomsonreuters.com;))