Summit Materials, a US-based building materials company in which Cementos Argos holds a 31 per cent stake, is set to be acquired by Quikrete Holdings, a leading player in the North American construction materials market. The transaction, unanimously approved by both boards, is expected to close in the first half of 2025.
Quikrete’s offer of US$52.5 per share values Summit Materials at US$11.5bn. Cementos Argos, the largest shareholder, will receive approximately US$2.875bn from the sale of its nearly 55 million shares, equating to a value of around COP10,000 (US$2.28) per share.
Cementos Argos plans to determine the best use of the proceeds, with potential reinvestment in the US construction materials market under consideration.
“This transaction highlights the strength of our strategy to build and create value in the US market,” stated Jorge Mario Velásquez, chairman, and Juan Esteban Calle, executive president of Cementos Argos.
The move marks a temporary departure from the US for Argos, which established its presence there in 2005 through key acquisitions. Over the past two decades, Argos contributed to major projects such as Georgia’s Mercedes-Benz Stadium and Universal Studios’ Volcano Bay in Florida.
The deal follows Cementos Argos’ merger with Summit Materials in 2023, creating the fourth-largest US cement platform with revenues of over US$4bn and a capacity of 11.6Mta. Combined with this sale, Cementos Argos will have realised close to US$4.52bn from its US platform since December 2021.
This acquisition consolidates Quikrete Holdings’ position in the North American market while Cementos Argos explores new opportunities for growth and reinvestment.
