Vulcan Materials (Vulcan) has announced it has reached an agreement with the Department of Justice (DOJ) to clear a path for its proposed acquisition of Aggregates USA (A.USA). Under the terms of the deal, it will divest A.USA's Tennessee assets and an aggregates quarry in Abingdon, VA and retain the company's assets in Georgia, Florida and South Carolina.
Additionally, Vulcan has also entered into a definitive agreement with Blue Water Industries, under which Blue Water will acquire the required divestitures in Tennessee and Abingdon, VA for $290 million.
The DOJ has terminated the waiting period applicable to the acquisition under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The agreement is subject to final approval by the federal court in the District of Columbia, but the parties are free to close their acquisition pending the approval.
Tom Hill, Vulcan's chairman and chief executive officer, said: "We appreciate the Department of Justice's thorough review and approval, and are pleased with this outcome. We look forward to closing our acquisition of Aggregates USA, LLC, which will give Vulcan access to high quality, strategic assets in key southeastern U.S. Markets."
More information is available on the website.
