Martin Marietta to acquire Lhoist North America in $13.5bn deal

BY Richard Summerfield

In a move which will strengthen its position in the lime and industrial minerals sector, Martin Marietta Materials Inc has announced it is to acquire Lhoist North America in a cash-and-stock deal valued at around $13.5bn.

According to Martin Marietta, the company expects to use a mix of $7bn in cash along with shares of its stock valued at $6.5bn to fund the deal, which is expected to be completed in the second half of 2026, subject to regulatory approvals.

Upon closing, the Berghmans family, the current owner of Lhoist, is expected to own approximately 15 percent of Martin Marietta on a fully diluted basis and will have the right to appoint one director and one observer to the comapny’s board of directors.

Martin Marietta expects its combined net leverage ratio to be approximately 3.7x at closing with a target of reducing this ratio to below 2.5x within 24 months of closing through strong free cash flow generation. Upon closure, the company expects to realise about $85m in annual run-rate cost synergies.

Lhoist operates a network of 20 quarries and production facilities and 45 distribution terminals, generating $1.8bn in gross sales and $786m of adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the 12 months ended 31 December 2025. The company has over 2 billion tonnes of high-quality limestone reserves positioned in high-growth, Sun Belt metropolitan corridors. This reserve base of over 200 years of useful life represents one of the most significant and strategically advantaged limestone positions in North America.

“This transaction represents another transformational milestone for Martin Marietta and directly advances our SOAR 2030 objective to expand our complementary, upstream Specialties segment in lime and other industrial minerals,” said Ward Nye, chair, president and chief executive of Martin Marietta. “It builds on our core quarrying competency, expands our geographic footprint and immediately establishes Martin Marietta as the leading national producer of lime solutions. As the United States continues to invest in infrastructure, advanced manufacturing, energy development and industrial expansion, demand for high-quality lime products is expected to remain resilient for decades to come.

“With long-lived limestone reserves, a complementary distribution network, and an attractive financial profile, the LNA business strengthens our portfolio, enhances our ability to serve both new and existing customers, and deepens our role in providing the critical materials necessary to build our nation’s infrastructure, manufacturing and industrial base. Importantly, it reinforces our ability to deliver consistent, through-cycle performance and long-term value creation,” he added.

“For more than a century, our family has built Lhoist into a global leader by safeguarding world-class limestone reserves and serving our customers with discipline, quality and care,” said Baron Berghmans, chairman of Lhoist Group. “In Martin Marietta, we have found a partner who shares these values, honors the legacy we have carefully built and ensures it will endure for generations to come.”

News: Martin Marietta to buy Lhoist North America in $13.5 billion deal

CRH acquires rival Arcosa in $8.5bn all-cash deal

BY Fraser Tennant

In a deal that reinforces its position as the number one infrastructure player in North America, buildings material provider CRH is to acquire its rival Arcosa in an all-cash transaction valued at approximately $8.5bn.

Under the terms of the agreement, Dublin-based CRH is offering Arcosa’s stockholders $150 per share, representing a 10.4 percent premium to Arcosa’s last close. CRH intends to fund the transaction with available cash and committed debt financing.

Marking the Irish company’s largest-ever takeover, the acquisition of Dallas-based Arcosa will give CRH exposure to GE Vernova (GEV) – one of the major infrastructure companies in the world and one of Arcosa’s biggest clients.

“This strategic acquisition advances our strategy to build an aggregates-led, connected portfolio,” said Jim Mintern, chief executive of CRH. “As demand for US energy and utility infrastructure solutions accelerates, this transaction places CRH at the forefront of an immense growth opportunity and demonstrates our ongoing commitment to building market-leading positions through disciplined capital allocation.”

The boards of directors of both companies have unanimously approved the transaction.

“This transaction is a powerful validation of the work we have done in recent years to grow in attractive markets, simplify our portfolio, reduce cyclicality and build a more resilient business focused on construction products and engineered structures,” said Antonio Carrillo, president and chief executive of Arcosa. “For our stockholders, this transaction crystalises the value we have built.”

The transaction is expected to close in the first quarter of 2027 subject to approval from Arcosa’s stockholders, regulatory approvals and customary closing conditions.

A provider of infrastructure-related materials, products and solutions, Arcosa’s construction products business is a leading aggregates platform in the US, with 109 quarries and yards, nine asphalt plants, 19 terminals and approximately 35 million tonnes of 2025 aggregates shipments.

Mr Carrilo concluded: “We are excited that CRH recognises our value, and we are confident that their resources, scale and expertise will provide attractive opportunities for our team members, for our customers and for the communities we serve.”

News: CRH to buy Arcosa in $8.5 billion all-cash deal

Fox agrees $22bn Roku deal

BY Richard Summerfield

Fox Corp has agreed to acquire streaming tech company Roku in a cash-and-stock deal worth approximately $22bn.

Under the terms of the deal, Roku shareholders will receive $96 in cash and about 0.97 Fox class A shares for each ​share held, valuing the offer at $160 per share. That represents a 33.7 percent premium to Roku’s close on Thursday, a day before publications reported it was exploring options including a ‌sale.

The boards of both companies have ⁠unanimously approved ​the transaction, which is expected to close in the first half of calendar year 2027 ​and will generate around $400m in annual cost savings. The deal will include roughly $14.6bn in cash, with the rest paid in stock, adding about $8.3bn in debt to Fox’s balance sheet.

Upon closing, existing Fox shareholders are expected to own approximately 73 percent of the combined company and Roku shareholders approximately 27 percent.

“This is a defining moment for FOX, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade,” said Lachlan K. Murdoch, executive chair and chief executive of Fox Corporation. “In 2019, we reoriented the company around live news and sports. In 2020, we acquired Tubi and under our stewardship it has become one of the most successful businesses in streaming. Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it.

“This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile,” he continued. “And we are executing this acquisition from a position of financial strength – maintaining our investment grade balance sheet while providing our shareholders with an uninterrupted return of capital program in the form of share buybacks and dividends. Roku pioneered streaming TV and scaled it into a leading CTV platform. Together, we intend to lead its next chapter.”

“Over the past two decades, we’ve built Roku into the leading TV streaming platform, reaching more than 100 million households globally and reshaping how people discover and enjoy entertainment,” said Anthony Wood, founder, chairman and chief executive of Roku. “I’m incredibly proud of what our team has built, and the combination with FOX is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers.

“That’s why our Board of Directors unanimously determined after concluding its strategic review process that this transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company,” he added.

Roku is the biggest streaming platform for smart TVs in the US, running on more than a quarter of internet-connected devices, according to research firm Park Associates. The company was something of trailblazer when it came to offering streaming services to mass audiences, with its operating system offering users access to apps to a multitude of streaming services such as Netflix and Amazon Prime, as well as its own channel. Globally, more than 100 million households stream with Roku.

News: Fox strikes $22 billion deal for Roku to fuel streaming push

GSK agrees $10.6bn Nuvalent deal

BY Richard Summerfield

GSK has agreed to buy US cancer biotech Nuvalent for $10.6bn, in the UK pharmaceutical group’s biggest acquisition for more than a decade.

The all-cash deal values Nuvalent at around $124 per share, a 40 percent premium to its last closing price before the deal was announced and a 26 percent premium to the company’s 30 calendar day volume-weighted average price.

According to a statement announcing the deal, the transaction will be funded primarily from new and existing debt facilities plus cash, with no impact expected to GSK’s credit rating. GSK will maintain a strong investment grade credit profile and retain balance sheet capacity for further accretive business development.

The deal, which is expected to close in Q3 2026, is indicative of the strategic shift the company has undertaken since the appointment of Luke Miels, its new chief executive. The company previously prioritised bolt-on acquisitions, but under Mr Miels appears to be moving away from this tactic.

GSK is also making a concerted push into on oncology treatments under its new leadership. Since taking control of the company, Mr Miels has pledged to accelerate development of new medicines ​and target new assets to strengthen GSK’s late-stage pipeline and manage the 2028 patent expiry of its key HIV medicine dolutegravir. The company reported a 43 percent rise ‌in sales ⁠across its oncology portfolio last year to just under £2bn, which accounted for around 6 percent of the group's total.

“Today’s acquisition is a multi-product deal, consistent with our approach to acquire assets that have clinically proven targets and meaningfully address an efficacy and/or tolerability gap,” said Mr Miels. “The two lead products are potential best-in-class assets that could launch this year if approved by the FDA and offer significant new treatment options to patients with two forms of non-small cell lung cancer.

“The acquisition provides GSK with immediate new sales growth opportunities, improving profit contributions from 2027, and a platform in lung cancer for rapid expansion with Ris-Rez, our B7-H3 targeted ADC in phase III clinical development,” he added.

“Since our founding, we have leveraged our deep expertise in chemistry and structure-based drug design to develop a portfolio of novel, potentially best-in-class kinase inhibitors,” said James Porter, chief executive of Nuvalent. “Our close collaboration with leading physician-scientists and patient advocates has driven remarkable enrolment, accelerating development and building confidence in the clinical profile of these drugs.

“We’re excited that GSK has recognised the significant value these programmes can offer patients and shares our vision for practice-changing innovation,” he continued. “GSK’s proven track record, infrastructure, and expertise will support the successful commercialisation of zidesamtinib and neladalkib, as well as accelerate advancement of our broader discovery pipeline.”

News: GSK boosts cancer portfolio with $10.6 billion Nuvalent takeover

Alba acquires Aluminium Dunkerque in $2.2bn deal

BY Fraser Tennant

A pivotal step in its strategy to build a global low-carbon aluminium platform, Aluminium Bahrain (Alba) is to acquire Aluminium Dunkerque in a transaction valued at approximately $2.2bn.

Upon closing of the transaction, Alba will acquire 100 percent of Aluminium Dunkerque – the largest aluminium smelter in the European Union – to be fully financed by a consortium of Alba’s banking partners.

Alongside Alba, French state-backed investment bank Bpifrance is to take a 6 percent ​stake for $116.5m under a memorandum of understanding. Bpifrance will ⁠also have a seat on the board of Aluminium Dunkerque’s holding ​company.

The entry of Bpifrance, as a key minority shareholder and member of the board of directors, aims to strengthen Aluminium Dunkerque’s presence in the region and demonstrates the strategic significance of the company within the French aluminium sector.

“Bpifrance’s investment in Aluminium Dunkerque underscores our commitment to securing and reinforcing the long-term future of this strategic industrial site,” said Nicolas Dufourcq, chief executive of Bpifrance. “By joining forces, we are not only supporting the growth of a key player in the European aluminium sector but also ensuring that Aluminium Dunkerque remains a cornerstone of France’s industrial resilience and innovation.”

Located in Loon-Plage in the Dunkerque region, Aluminium Dunkerque’s smelter produces approximately 300,000 tonnes of aluminium annually. With advanced automation, integrated production capabilities and a highly skilled workforce, the company is well-positioned to capitalise on the growing European demand for sustainably produced aluminium.

Previously owned by US private equity firm American Industrial Partners, the deal to acquire Aluminium Dunkerque was described by Nicolas Forissier, France’s minister for Foreign Trade and Economic Attractiveness, as “good news” in supporting investment, jobs, competitiveness and decarbonisation.

“We are pleased to mark an important step in the transition of Aluminium Dunkerque’s ownership to Alba,” said Dino Cusumano, general partner at AIP Industrial Partners. “Over the past four months, the process has advanced smoothly as expected thanks to the constructive work among all parties and a shared commitment to responsible execution.”

The transaction is subject to the completion of customary approvals.

Mr Cusumano added: “We remain confident that Alba is the right long-term owner for Aluminium Dunkerque and will be a strong partner for France in supporting the company’s continued development and strategic role in Europe.”

News: Alba to buy French aluminium smelter in $2.2 billion deal