Building materials group CRH has agreed to acquire its competitor Arcosa in an $8.5bn deal that marks the Irish company’s largest-ever takeover and will expand its market position in the US.
CRH and Arcosa announced the all-cash deal on Monday, confirming an earlier FT report. CRH will pay Arcosa investors $150 a share, valuing the group at $8.5bn including debt.
Arcosa stock closed 6.7 per cent higher at $144.90 on in Monday in New York, giving the group a $7.1bn market capitalisation. CRH shares finished fractionally lower.
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