Martin Marietta to acquire Lhoist North America for $13.5B in cash and stock

MARTIN MARIETTA MATERIALS INC

Enterprise value $13.5B: $7B cash + $6.5B stock; expected close H2 2026 subject to regulatory approvals.
LNA 2025A gross sales $1.8B, Adj. EBITDA $786M (45% margin), 94% free cash flow conversion.
Expected ~$85M annual run-rate cost synergies within 2 years; deal accretive to earnings and margins in first year.
LNA controls >2B tons limestone reserves (200+ years useful life), #1 U.S. lime producer.
Berghmans family to own ~15% of MLM post-deal and appoint one director and one observer.

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