Quikrete to buy Summit Materials in deal valued at $11.5 billion

(Reuters) -Summit Materials said on Monday that building materials provider Quikrete will acquire the company in a deal valued at $11.5 billion.

Quikrete’s $52.50 per share offer represents about a 1.6% premium to Summit’s close on Friday.

The privately held concrete-maker had approached Summit with an acquisition offer in October, Reuters had reported.

The building materials sector has seen increased deal-making activity due to rising U.S. government infrastructure spending and anticipation of growing demand for materials.

(Reporting by Kannaki Deka and Aatreyee Dasgupta in Bengaluru; Editing by Savio D’Souza, Shreya Biswas and Tasim Zahid)