Martin Marietta to Pay $13.5B for Lhoist North America, Targets $85M Synergies
MLM•Martin Marietta Materials agreed to acquire Lhoist North America for $13.5B, comprising $7B in cash and $6.5B in stock. Lhoist North America’s operations include 20 quarries, 45 distribution terminals and over 2B tons of limestone reserves, with $1.8B sales, $786M adjusted EBITDA and anticipated $85M in annual cost synergies.
1. Deal Structure
Martin Marietta Materials will pay $13.5 billion in cash and stock to acquire Lhoist North America, with $7 billion in cash and $6.5 billion in newly issued shares. The share component is based on a 15-day volume-weighted average price prior to signing.
2. Operational Profile
Lhoist North America operates 20 quarries and 45 distribution terminals, recorded $1.8 billion in gross sales and $786 million in adjusted EBITDA for the 12 months ended December 31, 2025, and holds over 2 billion tons of limestone reserves.
3. Financial Impact
The transaction values Lhoist North America at approximately 15 times its 2025 adjusted EBITDA and is expected to deliver $85 million in annual cost savings. Martin Marietta’s combined net leverage ratio will rise to about 3.7 times at closing, with a plan to reduce it below 2.5 times within 24 months.
4. Timing and Governance
The deal is expected to close in the second half of 2026, subject to regulatory approvals. Post-close, the Berghmans family will own about 15% of Martin Marietta on a fully diluted basis and appoint one director and one observer to the board.
