JPM | Building Broadcast: BTRW,AENA,FHZN,ADP,FRA, DG,FGR,HEI JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: BTRW,AENA,FHZN,ADP,FRA, DG,FGR,HEI JPMC Construction Daily

J P M O R G A N Europe Equity Research

15 July 2026

JPM | Building Broadcast:

BTRW,AENA,FHZN,ADP,FRA,

DG,FGR,HEI

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

• Thoma-backed Software Firm Nears $1.3 billion Sale to Francisco. Elodie Rall AC

Bloomberg reports that buyout firm Francisco Partners is in advanced talks to (44-20) 7134-5911

elodie.rall@jpmorgan.com

acquire a controlling stake in construction software maker Command Alkon J.P. Morgan Securities plc

Inc. for as much as $1.3 billion, a sign that investors still see value in sector-

Zaim Beekawa

specific software. Francisco is in late-stage negotiations with Command (44-20) 7134-4175

Alkon’s private equity owner, Thoma Bravo, about purchasing the 55% stake, zaim.beekawa@jpmorgan.com

according to people familiar with the matter. Command Alkon’s biggest J.P. Morgan Securities plc

customer, Germany’s Heidelberg Materials AG, owns the other 45% after Jamie Smallbone

acquiring the position from Thoma Bravo in 2021. That deal valued the (44-20) 3493-7015

company at about $1.7 billion. A deal could be announced within days, though jamie.smallbone@jpmorgan.com

the talks could end without an agreement, the people said, asking not to be J.P. Morgan Securities plc

identified because the information is private. Representatives for Francisco Manshi Sinha

Partners and Thoma Bravo declined to comment, while Command Alkon and (91-22) 6157 5111

manshi.sinha@jpmchase.com

Heidelberg Materials didn’t immediately respond to requests for comment. J.P. Morgan India Private Limited

• Cementos Molins shares rise on Continuous Market debut. Cemnet reports