Summit materials announces significant step to streamline company structure

Denver , aug. 22, 2023 /prnewswire/ -- summit materials, inc. (nyse: sum, the "company"), a leading vertically integrated construction materials company, announces that it reached an agreement with certain affiliates of blackstone inc. (the "blackstone tra parties") that resulted in its indirect subsidiary, summit materials, llc (together with the company, "summit") acquiring all of the rights and interest of each of the blackstone tra parties under the tax receivable agreement, dated as of march 11, 2015 (as amended, the "tra"), by and among the company, the blackstone tra parties and certain other parties. in exchange for cash consideration of $115 million in the aggregate, summit has eliminated an estimated $256 million in tra payments payable to blackstone between 2024 and 2039.
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