Martin Marietta Materials agreed to combine with Lhoist North America in a transaction valued at approximately $13.5 billion.
The consideration includes $7 billion in cash and $6.5 billion in Martin Marietta (NYSE: MLM) common stock, with the Berghmans family expected to own approximately 15 percent of the combined company upon closing and receive the right to appoint one director and one board observer. The acquisition advances Martin Marietta’s strategy to expand its upstream specialties segment, strengthens its position in lime and industrial minerals. Lhoist North America is a producer of high-calcium lime, dolomitic lime and industrial mineral products serving steel manufacturing, infrastructure, heavy nonresidential construction, environmental and agricultural markets. The business operates 20 quarries and production facilities along with 45 distribution terminals, generating $1.8 billion in gross sales and $786 million in adjusted Ebitda for the 12 months ended December 31, 2025. Its operations are supported by more than 2 billion tons of high-quality limestone reserves with an estimated useful life exceeding 200 years, primarily located in Sun Belt markets.
Goldman Sachs served as financial advisor to Martin Marietta, while Goldman Sachs Bank USA and Goldman Sachs Lending Partners provided committed debt financing. Cravath, Swaine & Moore and Bredin Prat acted as legal advisors. BNP Paribas, JPMorgan and Rothschild & Co. advised Lhoist Group financially, with Latham & Watkins serving as legal advisor.