Summit Materials announced on February 10th the definitive closing of the agreement for the acquisition of 100% of its shares by Quikrete Holdings, a leading company in the ready-to-use construction materials segment and one of the largest privately held corporations in the industry in the United States.
With the definitive closing of the agreement, Cementos Argos has completed the sale of its 31% stake in Summit Materials for a total of USD 2.875 billion, equivalent to a price of USD 52.5 per share. This per-share price is 38% higher than the price at which Cementos Argos received these shares approximately a year ago, as part of the transaction combining its U.S. assets with Summit Materials.
The USD 2.875 billion proceeds will be received in cash during the current week, significantly strengthening Cementos Argos’ financial position and preparing it for a new phase of expansion and value creation for its shareholders.
Additionally, this transaction provides Cementos Argos with the freedom to explore new opportunities in its cement, concrete, and aggregates businesses in the United States without any restrictions, and allowing it to continue capturing value in the U.S. market. The company will leverage its extensive knowledge and successful track record in the country, as well as its well-established export capacity and connectivity with its operations in the Caribbean, Central America, and Colombia.
At the same time, most of the ancillary agreements negotiated during the combination with Summit Materials (now Quikrete Holdings), including the supply of materials via exports from Cartagena to the United States, will continue to operate as agreed.
The completion of this transaction marks the beginning of a new chapter in the history of Cementos Argos in the United States and the Americas, building on its strong footprint and more than 90 years of successful growth experience.
