North Carolina firm to acquire Texas construction supplierfor $2bn


Raleigh-based Martin Marietta Materials, which produces sand, gravel and crushed rock used in construction, has agreed to acquire Texas Industries, a construction supplies company, in an all-stock deal worth more than $2 billion,reports The New York Times.

Under the agreement, Martin Marietta will exchange seven-tenths of one of its shares, worth $71.95, for each Texas Industries share.

JPMorgan Chase, Deutsche Bank and Barclays advised Martin Marietta Materials, while Cravath, Swaine& Moore provided legal advice.

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