Latham Advises on Financing for Quikrete’s US$11.5 Billion Acquisition of Summit Materials

Summit Materials, Inc. (NYSE: SUM), a leading producer of aggregates and cement, has announced it has entered into a definitive agreement to be acquired by Quikrete Holdings, Inc. for US$52.50 per share in cash, for a total enterprise value of approximately US$11.5 billion, including debt. The combination has been unanimously approved by the Summit and Quikrete Boards of Directors. 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.

Latham & Watkins LLP represented the financing sources in providing commitments of up to US$10.7 billion in connection with the transaction with a banking team led by partners Michele Penzer and Nicole Fanjul, with associates Kristen Tesi and Jenny Li, and a capital markets team led by partner Senet Bischoff, with associates Hana Nah and Ian Lachow. Advice was also provided on tax matters by partner Bora Bozkurt, with associates Kathryn Harrington and Jack Santoro; and on environment, land, and resources matters by counsel David Langer, with associate Brittany Curcuru.