Summit Materials to merge with Cementos Argos in a $3.2bn deal.

Transaction Tags

• United States
• Cement
• Pending
• Single Bidder
• Acquisition
• Majority
• Public
• Friendly
• building materials
• Cross Border
• Merger

Synopsis

Summit Materials, a building materials company, agreed to merge with Cementos Argos, a Colombian construction materials producer, in a $3.2bn deal. "Combining Argos USA with Summit is a significant milestone as we execute against and accelerate our materials-led portfolio strategy. The transaction will extend our geographic reach into high growth markets, creating a leading cement enterprise nationwide, and bring together two talent-rich organizations to innovate and deliver value-added solutions for our customers. Financially, we have clear line of sight to achieving targeted synergies of more than $100m annually as we unlock the full potential of this powerful combination," Anne Noonan, Summit Materials President and CEO.

Sources