Quikrete to Buy Summit Materials in $11.5 Billion Deal (1)

Quikrete Holdings Inc. agreed to acquire Summit Materials Inc. in a deal valued at about $11.5 billion including debt to capture a bigger share of the US building materials market.

Quikrete is paying $52.50 a share in cash for Denver-based Summit, according to a statement Monday. That’s 29% above the closing price on Oct. 23, the day before Summit said it had held initial discussions with a potential buyer.

The transaction will combine Summit’s aggregates, cement and ready-mix concrete businesses with privately held Quikrete’s concrete and cement-based products. Bloomberg News first reported last month that Quikrete had approached Summit about ...