James Hardie Acquires AZEK in $14 Billion Landmark Deal

Published 1 days agoJHX

James Hardie Acquires AZEK in $14 Billion Landmark Deal

James Hardie Industries has announced its acquisition of AZEK Company, valued at approximately A$14 billion. AZEK shareholders stand to receive US$26.45 in cash and 1.034 ordinary shares of James Hardie for each AZEK share, marking a 37.4% premium over AZEK's last closing price. Following the announcement, James Hardie's stock dropped by more than 15%, while AZEK's shares rose 20%, indicating mixed investor reactions as reported by the Financial Times.

The acquisition will result in James Hardie shareholders owning about 74% of the newly combined entity, leaving AZEK shareholders with 26%. The merger aims to form a dominant platform in the exterior and outdoor living products market by combining James Hardie's fiber-cement siding offerings with AZEK's composite decking and other products. This strategic move is projected to expand the total addressable market in North America to $23 billion, according to Builder Online.

Amid concerns about shareholder dilution, a coalition of investors has requested a review of the Australian Stock Exchange's (ASX) listing rules, while James Hardie plans to list on the New York Stock Exchange post-acquisition. The new entity expects to achieve at least US$125 million in cost synergies and US$225 million in commercial synergies, anticipating annual earnings of $1.8 billion and revenues of $6 billion, as noted by the Financial Times.

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