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DENVER — A Denver-based construction materials company has agreed to be acquired for $9.2 billion in cash by Atlanta-based packaged concrete giant Quikrete.
Summit Materials Inc. (NYSE: SUM) board has unanimously approved the sale, the companies said Monday.
Summit Materials sells aggregate, cement and ready-mix concrete material. It employs about 5,300 people nationwide.
Privately held Quikrete Holdings Inc. agreed to pay $52.50 per share to buy Summit Materials’ stock, the companies said. With 175.6 million shares available, the share purchase is a $9.2 billion cash deal. The overall transaction values Summit Materials’ business at $11.5 billion, when its debt is included, the companies said.
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