Deals
CRH to Buy Ash Grove in $3.5 Billion Bet on U.S. Cement Growth
- Irish supplier swoops in on a Kansas-based, family business
- Rivals LafargeHolcim, HeidelbergCement also see U.S. growth
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In the latest sign of global consolidation among building-materials suppliers, Irish producer CRH Plc agreed to buy family-controlled Ash Grove Cement Co. of the U.S. in a $3.5 billion deal that will reinforce its bet on growth in North America.
CRH will pay shareholders of the Overland Park, Kansas-based cement maker between $449 to $454 per share, according to a statement Wednesday from Ash Grove, majority-owned and run for the past century by the Sunderland family. That’s as much as 59 percent more than the $285 closing price in New York. CRH shares rose 2.1 percent to 2,711 pence at 1:35 p.m. in London, giving a market value of 23 billion pounds ($31 billion).