SUM - Summit Materials enters into an agreement with Blackstone
2023-08-22 16:40:52 ET
- Summit Materials ( NYSE: SUM ) said on Tuesday that it had reached an agreement with certain affiliates of Blackstone.
- Under the deal, its unit, Summit Materials, LLC, will acquire all the rights and interest of each of the Blackstone TRA Parties under the Tax Receivable Agreement, dated as of March 11, 2015.
- SUM added that it had eliminated an estimated $256M in TRA payments payable to Blackstone between 2024 and 2039, in exchange for cash consideration of $115M.
- According to SUM, it funded the deal with cash on hand.
- Press Release
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Summit Materials enters into an agreement with Blackstone