Martin Marietta Materials has agreed to combine with Lhoist North America in a transaction reported to be worth $13.5 billion including debt, according to a report on Monday that cited people familiar with the situation.
The reported structure of the transaction calls for roughly $7 billion in cash plus about $6.5 billion in stock to fund the deal. The total consideration - stated to include the assumption of debt - sums to $13.5 billion under the terms disclosed in the report.
Market reaction was immediate: shares of the Raleigh, North Carolina-based company traded lower in premarket activity, off by about 1.5% as investors processed the reported news.
Attempts to obtain comment from the two parties were not successful at the time of the report. The coverage also noted that the Berghmans family, which has ties to Lhoist, is anticipated to own about 15% of Martin Marietta when the transaction is finalized.
Key elements reported:
- Reported deal value - $13.5 billion including debt.
- Funding mix - approximately $7 billion in cash and $6.5 billion in shares.
- Ownership stake - the Berghmans family expected to hold roughly 15% post-close.
- Market move - Martin Marietta shares down about 1.5% in premarket trading when the report circulated.
The report did not provide further operational details, timing for closing, or information on regulatory or shareholder approvals. It likewise did not include additional financial metrics or projections for the combined entity. The items above reflect the facts as presented in the report cited.
As of the time the details were reported, neither Martin Marietta nor Lhoist had issued public comment in response to the coverage.
Information in this article is based on the report cited and the figures and descriptions contained therein. No additional claims, dates, or financial projections were provided in the report.