DOJ: Martin Marietta Settlement Related to Bluegrass Deal Calls for Quarry Divestitures
April 25 2018 - 9:48PM
Dow Jones News
By Josh Beckerman
Martin Marietta Materials Inc. (MLM) would divest quarries under
a proposed antitrust settlement related to its pending purchase of
Bluegrass Materials Co., the Justice Department said Wednesday.
The $1.625 billion deal was announced in June. In October,
Martin Marietta agreed to certain timelines on closing the
transaction, and said it was working closely with the DOJ.
The DOJ said Wednesday that the deal, as originally proposed,
would have hurt competitive conditions for some customers in and
around Forsyth and north Fulton County, Ga., and in the Washington
County, Md., area.
Martin Marietta must divest the lease to its Forsyth quarry in
Georgia to CRH PLC (CRH) unit Midsouth Paving Inc. or an alternate
acquirer approved by the U.S., the DOJ said. The settlement also
calls for the divestiture of Bluegrass's Beaver Creek quarry to an
approved buyer.
Private-equity firm Lindsay Goldberg LLC has been an investor in
Bluegrass since it was formed in 2010.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 25, 2018 21:33 ET (01:33 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Martin Marietta Materials (NYSE:MLM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Martin Marietta Materials (NYSE:MLM)
Historical Stock Chart
From Apr 2023 to Apr 2024