Summit Materials to merge with Cementos Argos’s US operations in $3.2 billion deal By Reuters

<p> <br />
</p>
<div>
<div>
<img decoding="async" alt="Summit Materials to merge with Cementos Argos's US operations in $3.2 billion deal" id="carouselImage" src="https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ860HN_L.jpg" style="visibility:hidden" /><br />
<span>© Reuters. FILE PHOTO: Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez</span><br />
<i class="imgGrad"/>
</div>
<p>(Reuters) -Summit Materials said on Thursday it would merge with the U.S. operations of Cementos Argos in a cash-and-stock transaction valued at $3.2 billion, creating the fourth-largest cement platform in the United States.</p>
<p>Cementos Argos will receive about $1.2 billion in cash, subject to closing adjustments, and 54.7 million shares of Summit based on its closing price on Wednesday.</p>
<p>Argos USA has assets comprising four integrated cement plants, 140 ready-mix plants and eight ports, giving Summit a “significantly improved scale” in high-growth markets.</p>
<p>Cementos Argos will own about 31% of the combined company on upon the closing of the transaction.</p>
</div>
<p><br />
<br /><a href="https://www.investing.com/news/stock-market-news/summit-materials-to-merge-with-cementos-argoss-us-operations-in-32-billion-deal-3169700">Source link </a></p><p>The post <a href="https://forextraderhub.com/summit-materials-to-merge-with-cementos-argoss-us-operations-in-3-2-billion-deal-by-reuters.html">Summit Materials to merge with Cementos Argos’s US operations in $3.2 billion deal By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>