Martin Marietta Closes $12.9B Lhoist North America Acquisition, Issues $5.5B in Senior Notes
· The NYC Memo
Martin Marietta Materials completed the acquisition of Lhoist North America on August 21, 2026, for total consideration of $12.9 billion, comprising $7.0 billion in cash and $5.9 billion in stock, funded in part by $5.5 billion in new senior unsecured notes and a $1.5 billion term loan. Nine-month 2026 EPS from continuing operations fell 24% year-over-year to $9.55 per diluted share from $12.49, while interest expense rose 48% to $254 million from $172 million in the same period of 2025.
Both Fitch and S&P assigned Negative outlooks to MLM's BBB+ credit rating as of September 30, 2026; the company separately recognized a $1.4 billion after-tax gain from its February 2026 divestiture of the Midlothian cement plant and Texas ready-mixed concrete assets.