Quikrete to buy Summit Materials in deal valued at $11.5 bln (updated)
25/11/2024 12:10
(Add details on deal in paragraph 2, background in paragraph 3
and 4)
Nov 25 (Reuters) - Summit Materials SUM.N said on
Monday that building materials provider Quikrete will acquire
the company in a deal valued at $11.5 billion.
Quikrete's $52.50 per share offer represents about a 1.6%
premium to Summit's close on Friday.
The privately held concrete-maker had approached Summit
with an acquisition offer in October, Reuters had
reported
.
The building materials sector has seen increased
deal-making activity due to rising U.S. government
infrastructure spending and anticipation of growing demand for
materials.
(Reporting by Kannaki Deka and Aatreyee Dasgupta in Bengaluru;
Editing by Savio D'Souza, Shreya Biswas and Tasim Zahid)
((Kannaki.Deka@thomsonreuters.com))