Just four days after a report first surfaced Quikrete and Summit Materials were in advanced talks for an acquisition, both companies shared that Quikrete is indeed buying Summit for $9.2 billion.

Atlanta-based Quikrete is set to pay $52.50 per share in cash for Summit, representing an approximate 36% premium over Summit’s trading price prior to the disclosure.

While Quikrete is paying $9.2 billion in cash, the deal values Summit at $11.5 billion, including debt.

Financial details were not disclosed for the deal, which has been unanimously approved by the board of directors at both companies and is expected to close in the first half of 2025.

“This acquisition represents a significant milestone in our journey to expand our capabilities and geographic presence,” Quikrete CEO Will Magill said in a Nov. 25 news release. “Summit is a recognized leader with a highly complementary portfolio of trusted aggregate, cement and ready-mix solutions.”

Denver, CO-based Summit has been led by CEO Anne Noonan since September 2020. During her tenure, the company said it focused on boosting earnings and divesting non-core assets, with its stock growing an average of 35% annually over the past four years.

“This combination, and the value it creates, is a testament to our stellar strategic and financial performance, agile operational and commercial execution, and to the strength and talent of our entire team who have delivered a 34.6% annualized return since we began to develop our Elevate strategy on September 1, 2020,” Noonan added.

At the start of 2024, Summit merged with the U.S. division of Colombian concrete maker Cementos Argos — which is now Summit’s largest shareholder — in a $3.2 billion deal.

Quikrete and Summit said Cementos Argos is fully supportive of the deal with Quikrete.