FloWorks sold in $1.6bn deal

BY Richard Summerfield

Ferguson Enterprises has agreed to acquire FloWorks from ​private equity firm Wynnchurch Capital in an all-cash transaction worth around $1.6bn.

The deal is expected to close in the third quarter of 2026, subject to customary conditions and regulatory approvals. It will see Ferguson acquire Houston, Texas-based FloWorks, an industrial distributor and service provider of “highly technical” valves and flow control solutions. FloWorks generated revenue of around $1bn in 2025, compared to Ferguson’s $31.32bn.

According to a statement announcing the deal, Ferguson expects the acquisition to generate about $45m in synergies from network optimisation, logistics and technology, and said its leverage would remain within its target range after the deal.

“FloWorks strengthens our leading position in high-growth industrial end markets, while adding meaningful capabilities and geographic coverage which we can leverage across our non-residential customer groups,” said Kevin Murphy, chief executive of Ferguson. “Their expert teams, technical capabilities and strong OEM brands will further enhance our ability to provide essential water solutions for the specialized professional. We welcome their associates to Ferguson and look forward to our next chapter of growth together.”

“Joining Ferguson ensures our 65+ year legacy continues with a partner that shares our commitment to customer service and operational excellence,” said Scott Jackson, chief executive of FloWorks. “Ferguson’s scaled platform and capabilities will empower our associates to better serve our customers. This marks an exciting next chapter in FloWorks’ history and provides a great home for our associates.”

FloWorks has operated in the US for over 65 years and is a leading flow control distributor with more than 60 locations in the US and Canada serving highly technical industries including chemicals, refining, power generation, semiconductors, pharmaceuticals and data centres. The acquisition will expand Ferguson’s specialty industrial flow control platform, adding technical depth, attractive end market and product exposure, and significant recurring maintenance, repair and operations-driven revenue.

Ferguson is North America’s largest value-added distributor of essential water and air solutions, serving specialised professionals in residential and non-residential construction markets. The company has sales of $31.3bn and approximately 35,000 associates in over 1700 locations.

Wynnchurch is currently investing out of its sixth private equity fund and has approximately $9.1bn assets under management. The firm acquired a majority stake in ​FloWorks from private equity firm Clearlake Capital in 2023 for an undisclosed sum.

News: Ferguson to buy FloWorks from Wynnchurch Capital for $1.6 billion

Vertex to acquire Crinetics in a $10bn deal

BY Richard Summerfield

Vertex Pharmaceuticals has agreed to acquire Crinetics Pharmaceuticals in a $10bn deal – its largest ever transaction – which will bolster its rare hormonal diseases portfolio.

The deal is expected to close in the third quarter of 2026, subject to customary closing conditions, including receipt of regulatory approvals and approval by Crinetics shareholders.

The transaction will see Vertex add a biopharmaceutical company that specialises in treatments for endocrine diseases to its portfolio that mainly includes cystic fibrosis therapies. Vertex has previously focused on specialty diseases, and its cystic fibrosis portfolio accounted for 93 percent of its $12bn in revenue in 2025. As a result, the company has felt the need to branch out and diversify its portfolio

Crinetics brings its specialisation in endocrine diseases. Its most prominent product is Palsonify, which was approved in September 2025 for acromegaly, a disorder which causes excess growth hormone in adults, leading to enlargements of a patient’s face, hands, jaw and feet. Palsonify recorded first quarter 2026 sales of $10.7m, up from $5.4m in the fourth quarter of last year. It is the ⁠first and only once-daily oral pill approved by the US Food and Drug Administration to treat adults with acromegaly.

“Crinetics is an excellent strategic fit for Vertex, with its focus on serious diseases in specialty markets with significant unmet need, well-understood causal human biology, and potentially best-in-class medicines that could deliver transformative benefit to patients,” said Reshma Kewalramani, chief executive and president of Vertex. “We believe Vertex can build on the strong momentum of the PALSONIFY launch by applying our experience in commercializing medicines for rare genetic diseases. We are also excited by the significant potential of atumelnant to transform the treatment landscape for CAH, setting a new standard of care where patients do not have to choose between managing their excess adrenal androgens and enduring the side effects of high-dose steroids.”

He continued: “We look forward to working with the talented Crinetics team to rapidly advance their pipeline of medicines for patients living with serious, rare endocrine disorders. Together, these potential blockbuster assets build on our core CF business, ongoing launches and internal innovation portfolio, adding to our growth outlook and driving value for patients and shareholders.”

“Nearly 18 years ago, we founded Crinetics with a clear goal of transforming the lives of patients living with endocrine-related diseases,” said Scott Struthers, founder and chief executive of Crinetics. “Today marks a historic milestone as we embark on this next chapter with Vertex. This partnership is anchored by a mutual commitment to science and a shared vision for delivering innovative treatments to patient communities that have long been underserved. Vertex’s global infrastructure and commercial footprint will serve to amplify the reach of our science and allow us to maximize the impact of PALSONIFY, atumelnant and our pipeline.

“I want to extend my deepest gratitude for the relentless dedication, brilliance and passion of our extraordinary employees, who have worked tirelessly to bring our scientific vision to life, as well as the clinical partners and patient communities who have championed our mission from the very beginning,” he added.

News: Vertex to buy Crinetics for $10 billion in rare-diseases push

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