Martin Marietta to Acquire Lhoist North America for $13.5B
Martin Marietta Materials will combine with Lhoist North America in a $13.5 billion cash-and-stock deal expected to close in late 2026.
Martin Marietta Materials announced Sunday it has signed a definitive agreement to acquire Lhoist North America, a subsidiary of Belgium-based Lhoist Group, in a transaction valued at $13.5 billion in cash and Martin Marietta common stock — one of the largest deals in the building materials sector this year.
The Raleigh, North Carolina-based company, which trades on the New York Stock Exchange under the ticker MLM, structured the deal as a combination of cash and its own shares, signaling confidence in its stock valuation while preserving liquidity. Lhoist North America is a major producer of lime and limestone products, markets that overlap significantly with Martin Marietta's core aggregates business.
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The transaction is expected to close in the second half of 2026, pending regulatory approvals. Antitrust scrutiny is a meaningful variable given the geographic overlap between the two companies' quarrying and minerals operations across North America, and analysts will watch closely for any required divestitures during the review process.
If completed as structured, the deal would substantially expand Martin Marietta's footprint in lime and limestone — materials critical to steel production, water treatment, and environmental applications — diversifying the company beyond its traditional road-construction aggregates base at a time of elevated infrastructure spending driven by federal funding programs.
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