Quikrete’s acquisition of Summit Materials is now complete.
Summit detailed Monday that the deal officially closed, confirming that Quikrete made the acquisition for $11.5 billion.
As a result, Summit says its common stock ceased trading on the New York Stock Exchange, and it will no longer be listed on any public market. Summit is now a privately held subsidiary of Quikrete.
Summit originally announced the acquisition in November, when company leaders offered commentaries about this seismic industry development.
“We are thrilled to welcome Summit into the Quikrete family,” says Will Magill, CEO of Quikrete, in a written statement last November. “This acquisition represents a significant milestone in our journey to expand our capabilities and geographic presence. Summit is a recognized leader with a highly complementary portfolio of trusted aggregate, cement and ready-mix solutions. We look forward to working closely with the talented team at Summit to achieve our shared vision for the future.”
Summit Materials’ Anne Noonan also reflected on the deal in November.
“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 percent annualized return since we began to develop our Elevate strategy on Sept. 1, 2020,” Noonan says. “We believe this transaction will create new and exciting opportunities for our employees and customers.”
Related: Dealmaking took center stage in a big way last year
