The Daily Dig
CRH has agreed to acquire Dallas-based Arcosa in an all-cash deal valued at $8.5 billion, paying $150 per share. That price represents a 25% premium to Arcosa's 60-day volume-weighted average price as of June 18, 2026. Both company boards have unanimously approved the transaction, which is expected to close in Q1 2027, pending Arcosa shareholder approval, regulatory approvals, and customary closing conditions.
Arcosa's Construction Products segment is central to the deal. It operates 109 quarries and yards, nine asphalt plants, and 19 terminals, with approximately 35 million tons of aggregates shipped in 2025. That production reaches 13 of the 50 largest U.S. metro areas, with operations across Texas, New Jersey, Arizona, Florida, and Tennessee.
Arcosa's Engineered Structures business adds another dimension. It holds a top-three position in energy transmission infrastructure manufacturing, with demand supported by what the company describes as long-term megatrends in grid modernization, electrification, and data center construction.
Once the deal closes, the combined company will exceed 265 million tons of annualized aggregates production. CRH is projecting $175 million in annual run-rate cost synergies by year three, and the transaction is expected to be accretive to earnings, margin, and cash flow within the first 12 months post-close, before one-off transaction costs.
Snapshot:
Acquirer: CRH (NYSE: CRH)
Target: Arcosa, Inc. (NYSE: ACA)
Transaction Type: All-cash acquisition
Offer Price: $150 per share
Premium: 25% to Arcosa's 60-day VWAP (as of June 18, 2026)
Total Enterprise Value: ~$8.5 billion
Acquisition Multiple: 11.5x 2026E Adjusted EBITDA (including projected synergies)
Expected Close: Q1 2027
Approvals Required: Arcosa stockholder vote, regulatory approvals, customary closing conditions
Financing: Available cash and committed debt financing
Pro Forma Net Debt / EBITDA: 2.4x (FY 2026E)
Projected Synergies: $175M annual run-rate by year three
Combined Aggregates Production: 265+ million tons annually
Arcosa Aggregates Footprint: 109 quarries and yards, 9 asphalt plants, 19 terminals
2025 Arcosa Aggregates Shipments: ~35 million tons
Markets Served: 13 of the 50 largest U.S. MSAs
Key Geographies: Texas, New Jersey, Arizona, Florida, Tennessee
Arcosa Segments: Construction Products; Engineered Structures
Engineered Structures Position: Top-three manufacturer in energy transmission
CRH Current Workforce (pre-close): 83,000 across 4,000 locations
CRH Financial Advisors: J.P. Morgan, Morgan Stanley
Arcosa Financial Advisors: Evercore, Goldman Sachs
CRH Legal Counsel: Kirkland & Ellis
Arcosa Legal Counsel: Gibson Dunn, Baker Botts
Arcosa HQ: Dallas, Texas
TheJobWalk Thoughts
When the leader in U.S. aggregates gets significantly larger, supply concentration in the markets it serves increases. GCs and concrete subcontractors operating across Texas, New Jersey, Arizona, Florida, and Tennessee should take note. Those are the five states where Arcosa's aggregates operations run, and CRH has specifically cited these markets as among the fastest-growing MSAs in the country.
The Engineered Structures piece deserves attention too. A top-three position in energy transmission infrastructure manufacturing, tied to demand drivers that CRH and Arcosa both describe as long-term megatrends, signals where this combined company is placing its bets. The supply side of energy transmission infrastructure manufacturing just got more consolidated, and that is worth tracking as this deal moves toward a Q1 2027 close.
