Shares of Summit Materials Inc. SUM, -0.88% rallied 2.4% in premarket trading Thursday, after the cement maker announced an agreement to combine with Argos North America Corp. , the U.S. operations of Colombia-based Cementos Argos S.A.
in a cash and stock deal valued at about $3.2 billion. Under terms of the deal, Summit will pay Cementos Argos $1.2 billion in cash and 54.7 million of its shares, which based on Wednesday’s closing price of $36.00 would be valued at about $1.97 billion. The company targets synergies of more than $100 million a year from the combination.
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