Covington Represents Quikrete in $11.5B Acquisition of Summit Materials

WASHINGTON—Covington advised Quikrete Holdings, Inc., a building materials company, on antitrust matters in its definitive agreement to acquire Summit Materials, Inc., a producer of aggregates and cement, for $52.50 per share in cash, for a total enterprise value of approximately $11.5 billion, including debt. The transaction price represents an approximately 36% premium to Summit's unaffected 90-day volume weighted average price (VWAP) and an approximately 29% premium to Summit's unaffected share price.

The transaction is expected to close in the first half of 2025, subject to Summit shareholder approval, regulatory approvals and other customary closing conditions. Upon completion of the transaction, Summit will become a privately held subsidiary of Quikrete and its common stock will no longer be traded on the NYSE.

The Covington team included Derek Ludwin, Ryan Quillian, Mike Wagner, Sonia Lahr-Pastor, Stacy Kobrick, Alison Wall, and Pegah Nabili.