CRH Confirms It Will Acquire Arcosa For $8.5bn

研报英文原文证据摘录

CRH Confirms It Will Acquire Arcosa For $8.5bn

EUROPE | Building, Construction & Housebuilders

CRH EquityJuneResearch22, 2026

FLASH NOTECRH Confirms It Will Acquire Arcosa For

RATING BUY$8.5bn

PRICE $111.24^

CRH has announced it will acquire US construction engineering company

Arcosa for c.$8.5bn (14x EV/EBITDA, 11.5x post year-3 annual run-rate cost PRICE TARGET | % TO PT $149.00 | +34%

synergies of $175m). The company expects the deal to be accretive to 52W HIGH-LOW $131.55 - $86.83

earnings, cash flow and margin in the first 12 months (JEFe low-single-digit FLOAT (%) | ADV MM (USD) 97.5% | 561.42

accretive year 1, and high-single-digit accretive year 3). MARKET CAP $76.0B

TICKER CRH

^Prior trading day's closing price unless otherwise

Arcosa brings 109 Aggregate quarries and yards (to CRH's 736 in the US) and c.35Mta noted.•

aggregates shipments (to CRH's 265Mta in the US) as well as exposure in engineered

structures (where Arcosa is #3).

The company targets $175m of synergies (0.5% of sales), c.$60m by year 1, c.$130m by•

year 2 before reaching run rate by year 3.

Our analysis shows significant aggregates cross over in Texas, Florida and Washington,•

with lesser exposures from both companies in Nevada, Kansas, Louisiana and Oklahoma.

The acquisition brings 2026E net debt/EBITDA for CRH to 2.4x. The transaction is•

expected to close in 1Q27.

Exhibit 1 - Market share of top 15 aggregates companies by tons

10%

8%

6%

4%

2%

0%

Mat CRH Marietta Amrize Quikrete Cemex Rogers Aggs River stone mats

Knife Luck states Vulcan Heidelberg Granite Construction Enterprises Arcosa Carmeuse Martin New Mid

.

Source: Company data, Jefferies, Zoominfo

Exhibit 2 - Market share of aggregates quarries/active sites by state (sliding scale from lightest blue