M&A · Energy · Mining & Quarrying of Nonmetallic Minerals (No Fuels)
Quikrete Holdings to acquire Summit Materials, Inc.
Announced Nov 25, 2024 · Closed Feb 10, 2025
Deal value$11.50BEV $11.50B
Premium29.0%To unaffected price
EV / Adj. EBITDA13.4x3.1x EV / Revenue
ConsiderationAll cash$52.50 per share
Transaction
- Acquirer
- Quikrete Holdings
- Target
- Summit Materials, Inc. (SUM)
- Buyer type
- Strategic
- Offer price per share
- $52.50
- Enterprise value
- $11.50B
- Status
- Closed Feb 10, 2025
Deal protections
- Break fee (target pays)
- $279M · 2.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Wells Fargo
- To the target
- Morgan Stanley, Evercore
- Morgan Stanley fee
- $25.0M
- Evercore fee
- $55.0M
Sector context · Energy
- Comparable deals
- 41 in the prior 24 months
- Premium
- 29.0% vs. 17.0% sector median
- EV / Adj. EBITDA
- 13.4x vs. 8.0x sector median
- Break fee
- 2.4% vs. 3.0% sector median
Timeline
- AnnouncedNov 25, 2024
- Proxy filedDec 20, 2024
- Definitive proxyDec 30, 2024
- Shareholder voteFeb 5, 2025
- ClosedFeb 10, 2025
Valuation · fairness opinions
Future share priceMorgan Stanley$41.25$57.00
Discounted cash flowEvercore$41.75$61.50
Trading comparablesEvercore$42.75$59.50
Trading comparablesEvercore$41.25$59.00
Precedent transactionsEvercore$47.25$58.25
Premiums paidEvercore$49.00$57.00
Offer $52.50
Implied value per Summit Materials, Inc. share by analysis, from Morgan Stanley and Evercore.