Summit Materials, a publicly traded company in which S&C client Cementos Argos is a 31 percent shareholder, has agreed to be acquired by Quikrete Holdings for a total enterprise value of $11.5 billion, including debt. Cementos Argos will receive $2.875 billion in cash under the deal, which was announced November 24. As Summit’s largest shareholder, Cementos Argos has committed to vote its shares of Summit’s common stock in favor of the transaction.
S&C previously represented Colombia-based Cementos Argos in the combination of its U.S. operations with Summit for cash and shares in Summit. Cementos Argos is a multinational producer and distributor of cement, concrete and aggregates. Summit is a producer of aggregates and cement with vertically integrated operations that supply ready-mix concrete and asphalt in select markets. Quikrete is a privately owned family business and a leading building materials company.
The S&C team advising Cementos Argos consists of Sergio Galvis, Scott Crofton and Michael Fronk. Joseph Hearn advised on U.S. securities filings, and Bill Farrar advised on Investment Company Act matters.