Announcement • Jan 13

Summit Materials, Inc. (NYSE:SUM) completed the acquisition of Argos USA Corporation from Cementos Argos S.A. (BVC:CEMARGOS), Argos SEM LLC and Valle Cement Investments, Inc.

Summit Materials, Inc. (NYSE:SUM) entered into an agreement to acquire Argos USA Corporation from Cementos Argos S.A. (BVC:CEMARGOS), Argos SEM LLC and Valle Cement Investments, Inc. for $3.2 billion on September 7, 2023. Summit Materials will pay in a cash and stock transaction valued at $3.2 billion. Under the terms of the agreement, Cementos Argos will receive approximately $1.2 billion in cash (~40% of transaction value) subject to closing adjustments, and approximately 54.72 million shares of Summit stock (~60% of transaction value) and one preferred share of Summit. In connection with the entry into the agreement, Summit Materials entered into a commitment letter with Morgan Stanley Senior Funding, Inc. (“MSSF”) and BofA Securities, pursuant to which MSSF has committed, subject to customary conditions, to provide Summit Materials, LLC with debt financing for the transaction consisting of an up to $1,300 million senior 364-day term loan facility. The proceeds of the debt commitment financing will be used to pay the cash purchase price for the transaction and pay related transaction costs. Summit Materials, LLC and Summit Materials Finance Corp. intend to offer $800 million aggregate principal amount of Senior Notes due 2031. The company intends to use the proceeds from the offering, together with borrowings under a new term loan B facility, to finance the transaction. The Summit Board of Directors is expected to comprise eight Summit-appointed representatives and three representatives appointed by Cementos Argos. If this Agreement is validly terminated by Summit pursuant to Section 11.01(d)(i) (Superior Proposal) to enter into a written definitive agreement with a Third Party or by Cementos pursuant to Section 11.01(c)(i) (Adverse Recommendation Change), Summit shall pay termination fee of $100 million. Argos USA reported consolidated Total revenues of $1.56 billion, net income of $51.27 million, total assets of $2.39 billion, Operating income of $77 million and Total stockholder's equity of $1.23 billion for the year ended December 31, 2022. Under the terms of the agreement, which has been unanimously approved by both companies’ Boards of Directors. Cementos Argos will enter into a shareholder agreement with Summit at closing of the transaction pursuant to which Cementos Argos will be subject to certain standstill provisions and a 24-month lock-up period on sales of Summit shares. The transaction is subject to customary closing conditions, including regulatory approvals, antitrust regulatory approval and approval by Summit Materials shareholders. Following the closing of the transaction, the combined company will be led by Anne Noonan, Summit’s President and Chief Executive Officer. At closing, the combined company will continue to operate as Summit Materials and continue to trade on the NYSE under the ticker symbol “SUM.” Both Summit and Argos North America will continue to operate independently until the necessary legal and regulatory approvals are met. The transaction is expected to close in the first half of 2024. As of October 24, 2023, the transaction is expected to close in the first quarter of 2024. As of Oct. 24, 2023, Summit Materials announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "HSR Act"). As of January 3, 2024, Institutional Shareholder Services and Glass Lewis have recommended that Summit shareholders vote in favor of all proposals in connection with its pending combination with Argos. On January 11, 2024, Summit shareholder approved the transaction and the transaction is expected to close on January 12, 2024. Morgan Stanley & Co. LLC acted as financial advisor and fairness opinion provider and James P. Dougherty, Evan Rosen, Frank J. Azzopardi, Howard Shelanski, William A. Curran and Kyoko Takahashi Lin of Davis Polk & Wardwell LLP acted as legal counsel to Summit Materials. Summit has agreed to pay Morgan Stanley a fee for its services of $30 million, $7.5 million of which was payable as of Morgan Stanley’s delivery of its fairness opinion and the remainder of which is payable if the Transaction is consummated. Sergio Galvis, Scott Crofton, Lee Parnes, Andrew Ferry, Devlin Woods, Kathleen Larkin, Spencer Sigalow, Werner Ahlers, Emilie Klovning, Alan Fishman, Renata Mascarenhas, Bill Farrar, Renata Hesse, Eric Queen, Brad Smith, Matthew Liptrot, Davis Wang, Ellen Kim, James Jang, Mark Schenkel, William Bekker, Katherine McClellan, John Estes, Virginia Cueva, Matthew Brennan, Jeannette Bander, Hollie Chenault, Matthew Nisi, Rob Schlein and Misha Patel of Sullivan & Cromwell LLP acted as legal advisor to Cementos Argos S.A. Cleary Gottlieb is representing Morgan Stanley & Co. LLC as financial advisor to Summit Materials Inc. Davis Graham & Stubbs LLP is also acting as legal counsel to Summit Materials. Broadridge Corporate Issuer Solutions, Inc. acted as transfer agent to Summit in the transaction. J.P. Morgan Securities LLC acted as financial advisor to Cementos Argos in the transaction. Stuart Rogers of Alston & Bird LLP represented Morgan Stanley as financial advisor. Summit Materials, Inc. (NYSE:SUM) completed the acquisition of Argos USA Corporation from Cementos Argos S.A. (BVC:CEMARGOS), Argos SEM LLC and Valle Cement Investments, Inc. on January 12, 2024. In connection with the Transaction, effective as of the closing of the Transaction, (i) John Murphy resigned from his position as a director of Summit, (ii) Juan Esteban Calle, Jorge Mario Velásquez and Irene Moshouris were appointed as directors of Summit and (iii) Brian Frantz was appointed as Chief Accounting Officer and Senior Vice President of Summit.

Announcement • Sep 09

Summit Materials, Inc. (NYSE:SUM) entered into an agreement to acquire Argos USA Corporation from Cementos Argos S.A. (BVC:CEMARGOS), Argos SEM LLC and Valle Cement Investments, Inc. in a transaction valued at $3.2 billion.

CEO salary percentage	n/a
CEO tenure	10.1yrs
CEO ownership	n/a
Management average tenure	no data
Board average tenure	10.2yrs

Name	Position	Tenure	Compensation	Ownership
Jorge Velasquez Jaramillo	Executive Chairman	10.2yrs	no data	no data
Rafael José Olivella	Executive Director	6.2yrs	no data	no data
Alejandro Piedrahita Borrero	Executive Director	8.3yrs	no data	no data
Carolina Soto Losada	Independent Director	3.3yrs	no data	no data
Leon Teicher Grauman	Independent Director	14.3yrs	no data	no data
Carlos Arrieta Padilla	Independent Director	14.3yrs	no data	no data
Cecilia González Rubio	Independent Director	14.3yrs	no data	no data

Data	Last Updated (UTC time)
Company Analysis	2026/05/22 13:29
End of Day Share Price	2026/05/21 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Benjamin Theurer	Barclays
Eric Neguelouart	BofA Global Research
Gordon Lee	BTG Pactual

Cementos Argos Management

Management criteria checks 1/4

Key information

Recent management updates

Cementos Argos S.A., Annual General Meeting, Mar 20, 2026

Cementos Argos S.A., Annual General Meeting, Mar 25, 2025

Insufficient new directors

Insufficient new directors

Insufficient new directors

Recent updates

First quarter 2026 earnings: EPS and revenues miss analyst expectations

Dividend of Col$108 announced

CEMARGOS: Higher Modeled Revenue And P/E Will Support Future Upside

Upcoming dividend of Col$258 per share

CEMARGOS: Stable Margins And Earnings Quality Will Likely Sustain Re Rated P/E

CEMARGOS: Higher Margin Outlook Will Likely Support Re Rated Future P/E

CEMARGOS: Revised Growth And Margin Outlook Will Likely Sustain Elevated Future P/E Risk

New minor risk - Share price stability

CEMARGOS: Updated Assumptions Will Likely Sustain Elevated Future P/E Risk

Full year 2025 earnings released: EPS: Col$405 (vs Col$20.75 loss in FY 2024)

Cementos Argos S.A., Annual General Meeting, Mar 20, 2026

U.S. Aggregates Expansion And Latin American Strength Will Transform Long Term Earnings Potential

Third quarter dividend of Col$258 announced

Cementos Argos S.A. announces Quarterly dividend, payable on April 30, 2026

CEMARGOS: Stable Assumptions Will Likely Sustain Excessive P/E Risk

CEMARGOS: Higher Required Returns Will Likely Pressure Elevated P/E Expectations

New major risk - Revenue and earnings growth

Consensus EPS estimates fall by 42%, revenue upgraded

Upcoming dividend of Col$96.25 per share

New major risk - Revenue and earnings growth

New minor risk - Share price stability

Upcoming dividend of Col$289 per share

Consensus EPS estimates increase by 395%, revenue downgraded

New major risk - Revenue and earnings growth

Second quarter 2025 earnings released: EPS: Col$118 (vs Col$63.38 in 2Q 2024)

Dividend of Col$289 announced

Upcoming dividend of Col$96.25 per share

First quarter 2025 earnings released: EPS: Col$96.70 (vs Col$13.79 loss in 1Q 2024)

Cementos Argos S.A. announces Quarterly dividend, payable on April 30, 2025

Upcoming dividend of Col$193 per share

Fourth quarter dividend of Col$193 announced

Cementos Argos S.A., Annual General Meeting, Mar 25, 2025

The 'From The Mine To The Market' Initiative Will Optimize Operations And Reduce Costs

New minor risk - Profit margin trend

New minor risk - Dividend sustainability

Upcoming dividend of Col$156 per share

Consensus EPS estimates increase by 28%

New major risk - Revenue and earnings growth

Consensus EPS estimates fall by 46%

Upcoming dividend of Col$83.80 per share

Price target increased by 9.5% to Col$9,353

Consensus EPS estimates increase by 822%, revenue downgraded

New major risk - Revenue and earnings growth

Second quarter 2024 earnings released: EPS: Col$68.73 (vs Col$86.06 in 2Q 2023)

Price target increased by 10% to Col$8,545

Dividend of Col$83.80 announced

Upcoming dividend of Col$83.80 per share

First quarter dividend of Col$83.80 announced

Consensus revenue estimates decrease by 25%

New major risk - Revenue and earnings growth

Consensus revenue estimates fall by 19%

Upcoming dividend of Col$118 per share

Price target increased by 7.3% to Col$6,495

Investor sentiment improves as stock rises 16%

Price target increased by 8.6% to Col$6,161

Full year 2023 earnings released: EPS: Col$273 (vs Col$122 in FY 2022)

Now 20% undervalued

Price target increased by 12% to Col$5,925

Summit Materials, Inc. (NYSE:SUM) completed the acquisition of Argos USA Corporation from Cementos Argos S.A. (BVC:CEMARGOS), Argos SEM LLC and Valle Cement Investments, Inc.

Upcoming dividend of Col$76.59 per share at 1.8% yield

Third quarter 2023 earnings released: EPS: Col$178 (vs Col$49.54 in 3Q 2022)

Price target increased by 11% to Col$5,720

Price target increased by 9.9% to Col$5,353

Upcoming dividend of Col$76.59 per share at 1.9% yield

Investor sentiment improves as stock rises 16%

Summit Materials, Inc. (NYSE:SUM) entered into an agreement to acquire Argos USA Corporation from Cementos Argos S.A. (BVC:CEMARGOS), Argos SEM LLC and Valle Cement Investments, Inc. in a transaction valued at $3.2 billion.

Investor sentiment improves as stock rises 35%

Upcoming dividend of Col$76.59 per share at 2.7% yield

Upcoming dividend of Col$92.77 per share at 9.2% yield

Upcoming dividend of Col$70.30 per share