Quikrete in Advanced Talks to Buy Summit Materials -- Update

Dow Jones11-22

By Lauren Thomas

Building-materials provider Quikrete is in advanced talks to acquire rival Summit Materials, according to people familiar with the matter.

The details

A deal between closely held Quikrete and Summit could be announced early next week, the people said, assuming the talks don't fall apart.

Summit, based in Denver, had a market value of around $8.5 billion before The Wall Street Journal reported on the advanced talks Thursday, which sent the stock up over 7%.

The context

Summit services the construction industry, supplying products such as ready-mix concrete and asphalt.

Quikrete, based in Atlanta, is one of the largest manufacturers of packaged concrete and cement mixes in North America.

Summit said in October it received a nonbinding acquisition proposal and was in initial discussions with another party about a deal, without giving any specifics. Bloomberg last month reported that Quikrete had approached Summit about a deal.

The rationale

Deal activity in the building-materials sector has been picking up in part thanks to increased government spending on infrastructure projects in the U.S. and expectations that demand for materials will continue to increase.

Summit last year said it would combine with the U.S. arm of Colombian concrete-maker Cementos Argos.

Write to Lauren Thomas at lauren.thomas@wsj.com

(END) Dow Jones Newswires

November 21, 2024 13:18 ET (18:18 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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