Building materials company James Hardie Industries Plc has agreed to acquire home-decking provider AZEK Co. in an $8.75 billion cash and stock deal. This acquisition represents a significant bet on the US housing market. The deal values AZEK shares at $56.88 each, a 37% premium over Friday’s closing price. The enlarged company will be listed on the New York Stock Exchange and will offer a range of products, including home sidings, cladding, decking, and railing, targeting a $23 billion addressable market in North America.
— news from Bloomberg