James Hardie Industries completed its previously announced acquisition of The AZEK Company in a cash-and-stock transaction for $26.45 in cash and 1.0340 ordinary shares of James Hardie for each share of AZEK common stock held for a total of $54.18 per share, based on the closing stock price of AU$40.77 per share based on James Hardie’s CHESS Depositary Interest (CDI) listing on the Australian Securities Exchange (ASX) and an exchange rate of 0.6579. This represents an implied value of $8.4 billion, including the value of share-based awards and the repayment of AZEK’s outstanding debt.
The combination of James Hardie and AZEK creates a company with an accelerated growth rate, peer-leading profitability and robust cash generation. James Hardie intends to use its strong financial profile to support organic growth, deleverage and fund ongoing share repurchases.
With completion of the transaction, AZEK stock has ceased trading and is no longer listed on the New York Stock Exchange.
Aaron Erter and Rachel Wilson will continue to serve as Chief Executive Officer and Chief Financial Officer. Jon Skelly has been appointed President – AZEK Residential, Sam Toole will join James Hardie as Chief Marketing Officer, AZEK brands, and Chris Russell will join James Hardie as VP, Global Strategy and Corporate Development.
Jesse Singh, Howard Heckes, and Gary Hendrickson will join the James Hardie Board of Directors.
James Hardie Industries plc is a leader in high-performance, low-maintenance building product solutions.
