Investing.com -- Martin Marietta Materials, Inc. confirmed on Monday that it has reached a definitive agreement to purchase Lhoist North America, Inc., a subsidiary of Belgium's Lhoist Group, for $13.5 billion in cash and stock.

The purchase price includes $7.0 billion in cash and $6.5 billion in Martin Marietta shares. The share value is based on a 15-day volume-weighted average price before the signing date. The transaction values Lhoist North America at roughly 15 times its 2025 Adjusted EBITDA, which includes expected cost savings.

Shares of Martin Marietta Materials were trading roughly 3% lower in pre-market on Monday following the announcement.

Lhoist North America runs 20 quarries and production sites alongside 45 distribution terminals. The company recorded $1.8 billion in gross sales and $786 million in Adjusted EBITDA for the twelve months that ended December 31, 2025. Its limestone reserves exceed 2 billion tons, which represents more than 200 years of projected useful life.

Martin Marietta anticipates achieving around $85 million in annual cost savings after the deal closes. The company forecasts its combined net leverage ratio will reach approximately 3.7 times at closing. Martin Marietta aims to lower that ratio to below 2.5 times within 24 months through free cash flow generation.

After the transaction completes, the Berghmans family, which owns Lhoist Group, will hold approximately 15% of Martin Marietta on a fully diluted basis. The family will have the right to appoint one director and one observer to Martin Marietta's board.

The deal is scheduled to close in the second half of 2026, pending regulatory approvals. Goldman Sachs & Co. LLC serves as financial advisor to Martin Marietta. BNP Paribas, JPMorgan Chase & Co. and Rothschild & Co. advise Lhoist Group.

The Wall Street Journal was the first to report on the potential transaction in a report earlier Monday.