Summit Materials said on Monday rival Quikrete would acquire the company in a deal valued at $11.5 billion, in a move to capitalize on higher demand for building materials. The sector's deal-making activity has been heating up due to rising U.

With interest rates coming down, the largest concrete company is buying Summit at a deal value of $11.5 billion including debt.

Summit Materials, Inc. (NYSE:SUM) shares are trading higher on Monday. The company inked a definitive deal to be acquired by privately owned family business Quikrete Holdings for $52.50 per share in cash,