Atlanta, GA-based Quikrete is in advanced talks to acquire Summit Materials, according to a Nov. 21 Wall Street Journal report that cited people familiar with the matter.
The “people” told the WSJ an agreement could be announced as early as next week (Nov. 25-29), assuming negotiations proceed without issue.
Financial details were not mentioned.
Denver, CO-based Summit is a supplier of construction materials such as ready-mix concrete and asphalt. Summit’s market value was approximately $8.5 billion, and following the WSJ report, its stock rose 7% through the morning of Nov. 22. Summit planned to merge with the “U.S. arm” of Colombian concrete-maker Argos, announced last year.
According to the WSJ report, the acquisition aligns with increased demand in the building-materials sector, driven by U.S. government infrastructure spending.
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