Breedon buys US concrete maker BMC Enterprises for $300m

(Sharecast News) - Construction materials group Breedon on Wednesday said it had bought US-based BMC Enterprises for an enterprise value of $300m (£238.1m).

The deal involves $285m payable in cash on completion, funded through a draw down on Breedon's existing credit facility, with $15m payable in Breedon shares.

Completion is expected to occur by Thursday and the purchase was expected to be earnings enhancing in the first full year of ownership, Breedon added.

BMC is a supplier of ready-mixed concrete, aggregates and building products headquartered in St Louis, Missouri.

Reporting by Frank Prenesti for Sharecast.com