This transformative acquisition positions MLM as the clear U.S. leader in lime and limestone with significant margin and synergy upside. Monitor regulatory approval timeline (H2 2026) and the investor call at 8:30 a.m. ET for financing details and synergy targets. The ~15% pro forma ownership by the Berghmans family aligns incentives. Key risk is leverage at 3.7x — watch for de-leveraging progress and credit rating impact.
Price Chart
Executive Summary
Martin Marietta announced a definitive agreement to acquire Lhoist North America (LNA) for $13.5 billion in a cash-and-stock deal, making it the leading U.S. lime and limestone producer. The transaction is expected to close in H2 2026, be accretive to earnings and margins in the first full year, and generate ~$85M in annual run-rate cost synergies.
Key Facts
- Martin Marietta to acquire Lhoist North America for $13.5 billion enterprise value ($7.0B cash + $6.5B stock)
- LNA generated $1.8B gross sales and $786M Adjusted EBITDA for the twelve months ended December 31, 2025
- Transaction valued at ~15x LNA's 2025 Adjusted EBITDA including run-rate cost synergies
- Expected to close in H2 2026, subject to regulatory approvals
- Expected to be accretive to earnings and margins in the first full year following close
- ~$85M in annual run-rate cost synergies expected within 2 years of closing
- Combined Net Leverage expected at ~3.7x at close, targeting below 2.5x within 24 months
- Berghmans family expected to own ~15% of MLM on a fully diluted basis post-close
- LNA generated $1.8B gross sales and $786M Adjusted EBITDA for the twelve months ended December 31, 2025
- Transaction valued at ~15x LNA's 2025 Adjusted EBITDA including run-rate cost synergies
- Goldman Sachs providing fully committed debt financing
Financial Impact
$13.5B enterprise value acquisition; $7.0B cash + $6.5B stock; ~$85M annual run-rate cost synergies expected; Combined Net Leverage ~3.7x at close, targeting <2.5x within 24 months
Risk Factors
- Regulatory approval risk — transaction requires clearance and could be delayed or blocked
- Integration risk — combining two large organizations with ~$85M synergy target
- Leverage at 3.7x at close is elevated; de-leveraging to <2.5x within 24 months is an aggressive target
- Stock consideration (~$6.5B) creates dilution for existing shareholders
- Execution risk on achieving $85M run-rate cost synergies within 2 years
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000950157-26-000758 |
| Exhibit: ex99-2.htm | 0000950157-26-000758 |
| Document: form8-k.htm | 0000950157-26-000758 |
| Document: 0000950157-26-000758-index-headers.html | 0000950157-26-000758 |
| Document: 0000950157-26-000758-index.html | 0000950157-26-000758 |
| Document: 0000950157-26-000758.txt | 0000950157-26-000758 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 5w ago | 8-K | $533.11 $499.67 | ▼ −6.27% | ▼ −6.29% | $483.99 (−9.21%) |
Aug 18, 2026 6w ago | 8-K | $535.53 $494.44 | ▼ −7.67% | ▼ −5.72% | $483.99 (−9.62%) |
Aug 14, 2026 6w ago | 8-K | $538.66 $506.81 | ▼ −5.91% | ▼ −3.94% | $483.99 (−10.15%) |
Aug 12, 2026 7w ago | 8-K | $544.76 $509.96 | ▼ −6.39% | ▼ −4.64% | $483.99 (−11.16%) |
Aug 10, 2026 7w ago | 424B5 | $549.54 $511.98 | ▼ −6.83% | ▼ −5.92% | $483.99 (−11.93%) |
Aug 10, 2026 7w ago | 8-K | $549.54 $511.98 | ▼ −6.83% | ▼ −5.92% | $483.99 (−11.93%) |
Aug 5, 2026 8w ago | 8-K | $538.28 $508.94 | ▼ −5.45% | ▼ −6.05% | $483.99 (−10.09%) |
Jul 30, 2026 9w ago | 8-K | $540.00 $528.59 | ▼ −2.11% | ▼ −6.08% | $483.99 (−10.37%) |
Jul 30, 2026 9w ago | Press Release | $540.00 $528.59 | ▼ −2.11% | ▼ −6.08% | $483.99 (−10.37%) |
Jul 9, 2026 12w ago | Press Release | $577.72 $548.57 | ▲ +5.05% | ▲ +7.47% | $483.99 (+16.22%) |
US Market Status
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