Daily Recap: RYAM, ACA/CRH, APGE/ABBV, DLR, NXT, SSTK/GETY, WBD/PSKY

Research evidence excerpt

Daily Recap: RYAM, ACA/CRH, APGE/ABBV, DLR, NXT, SSTK/GETY, WBD/PSKY

Arcosa, Inc. (ACA - $135.84) and CRH plc (CRH - $111.24)

Announces $8.5 Billion All-Cash Acquisition; Offer Value $150/share; Expected Close 1Q'27.

CRH announced a definitive agreement to acquire 100% of ACA in an all-cash deal at $150/

share, representing a total EV of ~$8.5B and an acquisition multiple of 11.5x 2026E Adjusted

EBITDA (including ~$175M of estimated annual run-rate cost synergies by year three). Both Boards

unanimously approved the transaction, expected to close in 1Q'27 pending ACA shareholder

approval and regulatory clearances; CRH intends to fund with available cash and committed debt

financing (J.P. Morgan and Morgan Stanley as committed bridge lenders). The deal caps a multi-

year ACA portfolio transformation: ACA completed the $1.2B Stavola aggregates acquisition in

October 2024, divested its Steel Components business to Stellex Capital Management in August

2024, and exited several other non-core assets to sharpen its Construction Products and Engineered

Structures focus. By 3Q'25, ACA had achieved its net debt/EBITDA leverage target of ~2.4x two

quarters ahead of schedule. For CRH, the acquisition is its largest-ever and follows a prolific

M&A cadence: $5.0B deployed across 40 acquisitions in 2024 alone, plus the $2.1B purchase of

Eco Material Technologies in September 2025 and a December 2025 bolt-on of North American

Aggregates. (Press Release)

TRADING VIEW: Regulatory risk appears manageable given CRH and ACA's limited direct geographic

overlap in aggregates, though DOJ scrutiny of large building materials consolidation has been

active. The most important readthrough is for pure-play U.S. aggregates peers: Vulcan Materials

Company (VMC) and Martin Marietta Materials, Inc.