Martin Marietta Materials has reached an agreement to merge with limestone producer Lhoist North America in a deal valued at $13.5 billion, including debt, according to a Wall Street Journal report published Monday that cited sources with knowledge of the transaction.
Shares of the Raleigh, North Carolina-based Martin Marietta fell roughly 1.5% in premarket trading following the news.
According to the report, Martin Marietta plans to finance the acquisition using approximately $7 billion in cash combined with shares worth around $6.5 billion.
Representatives for both Martin Marietta and Lhoist were not immediately available to respond to requests for comment.
The Wall Street Journal also reported that Lhoist’s Berghmans family is anticipated to hold approximately 15% ownership of Martin Marietta once the deal closes.
