Martin Marietta’s $13.5 Billion Combination with Lhoist North America

On June 29, 2026, Martin Marietta Materials, Inc. ("Martin Marietta"), a leading supplier of aggregates and other building materials, announced that it has entered into a definitive agreement to combine with Lhoist North America, Inc. ("Lhoist North America"), a leading producer of hi-calcium lime, dolomitic lime and industrial mineral products and a subsidiary of Lhoist Group, for $13.5 billion in cash and shares of Martin Marietta common stock. The transaction is expected to be completed in the second half of 2026, subject to regulatory approvals. Cravath is representing Martin Marietta in connection with the transaction.

The Cravath team was led by partners Robert I. Townsend III, Matthew G. Jones and Maria Ricaurte and includes associates Josh Santilli, Ceara Maria Burns, Seung Hyung (Michael) Lee, Leon K. Yang, Lynn Mei Chong and Alexandra E. Stolfe on M&A matters; partners Joseph D. Zavaglia and Douglas Dolan and associate Yeana Lee on capital markets matters; partner Stephen M. Kessing, of counsel D. Ana Choi and associate Thomas P. Wiig on banking matters; partner Christopher K. Fargo and associate Josh Banafsheha on tax matters; partner Sasha Rosenthal-Larrea and of counsel Carys J. Webb on intellectual property matters; partner Matthew J. Bobby, of counsel Sarah W. Colangelo and associate Keanna N. Joseph on executive compensation and benefits matters; partner William D. Podurgiel on corporate governance matters; of counsels Joyce Law and Brian M. Budnick on real estate matters; and of counsel Annmarie M. Terraciano and Star S. Gulant on environmental matters. Summer associates Anna Donlan and Jacob D. LaRose also worked on M&A matters, summer associate Amy Kim worked on tax matters and summer associate Amber Patrick worked on intellectual property matters.