Forterra, Inc. [NASDAQ: FRTA] revealed that the company inked a definitive contract under which Quikrete Holdings, Inc. will purchase all outstanding shares of Forterra. Quikrete will pay $24.00 per share in an all-cash consideration worth nearly $2.74 billion, which will include outstanding debt.
Forterra’s board of directors approve the transaction collectively. It addresses a premium of around 38.5% to Forterra’s 90-day volume-weighted average share cost on February 19, 2021. When this transaction is complete, Forterra will turn into a privately held organization.
“Forterra and Quikrete are an ideal fit. This combination is a natural upcoming stage for our organization. Moreover, the transaction empowers us to more readily serve our clients across the organization on their solid ventures beginning to end.,” said Will Magill, CEO of Quikrete Holdings, Inc.
He further added ” We are eager to develop our capacities in the consumable water distribution market through Forterra’s much regarded U.S. Line business. We are eager to invite the Forterra group and bring our two extraordinary organizations together.”
“We are glad to reveal this deal with Quikrete. Moreover, The deal conveys a compelling cash premium to our investors,” said Forterra CEO Karl Watson, Jr. ” The present announcement propels that progress and is a demonstration of our colleagues’ persistent effort and obligation to Forterra. We anticipate working with Quikrete to expand on our positive force and make significantly more noteworthy progress together.”