M&A · Industrials · Plastics Products, NEC
James Hardie Industries plc to acquire AZEK Co Inc.
Announced Mar 24, 2025 · Closed Jul 1, 2025
Deal value$8.40BEV $8.40B
Premium37.0%To unaffected price
EV / Adj. EBITDA22.1x5.7x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- James Hardie Industries plc (JHX)
- Target
- AZEK Co Inc. (AZEK)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $8.40B
- Status
- Closed Jul 1, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities, Jefferies, HSBC, Wells Fargo, Truist Securities, SMBC Nikko
Advisors
- To the acquirer
- Jefferies, BofA Securities
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 87 in the prior 24 months
- Premium
- 37.0% vs. 38.0% sector median
- EV / Adj. EBITDA
- 22.1x vs. 9.1x sector median
- Break fee
- Sector median 2.7%
Timeline
- AnnouncedMar 24, 2025
- Proxy filedMay 29, 2025
- Definitive proxyMay 29, 2025
- Shareholder voteJun 27, 2025
- ClosedJul 1, 2025
Valuation · fairness opinions
Other analysis$54.00$68.00
Other analysis$68.00$85.00
Future share price$45.00$63.00
Other analysis$63.00$81.00
Precedent transactions$27.00$46.00
Implied value per AZEK Co Inc. share by analysis, from Goldman Sachs · DCF discount rate 13.5%–15.5%.