07:28 AM EST, 11/25/2024 (MT Newswires) -- Summit Materials ( SUM ) said Monday it has agreed to be bought by Quikrete Holdings for $52.50 per share in cash, valuing the deal at about $11.50 billion, including debt.

Both companies' boards have unanimously approved the deal, which will likely close in H1 2025, Summit Materials ( SUM ) said.

Summit Materials' ( SUM ) largest shareholder, Cementos Argos, has agreed to vote in favor of the deal, the company said, adding that Summit's shares will be delisted from the New York Stock Exchange following deal completion.