Arcosa announced yesterday morning (June 22, 2026) that it had agreed to be acquired by CRH plc (NYSE: CRH, NC) for $150.00 per share in an all-cash transaction, setting an enterprise value of $8.5 billion. The proposed offer price equates to a purchase multiple of about 15x our 2026E adjusted EBITDA (adjustments are for one-time items) estimate of $563.4 million (11.5x if adjusting for CRH's estimated annual run-rate cost synergies of $175 million by year three post-close). Both boards have unanimously approved the transaction, which is expected to close in 1Q:27 subject to shareholder approval, regulatory approval, and customary closing conditions. CRH is the largest publicly traded building materials company by market cap ($74 billion as of yesterday's close), with annual revenue of $38.0 billion and about 83,000 employees, compared to ACA's market cap of $6.7 billion (as of Thursday's close), TTM sales (on a continuing ops. basis) of $2.5 billion and 5,500 employees. In our view, the deal for ACA validates the company's consistent strategy since its 2018 inception as a public company to grow in attractive markets (e.g., aggregates and utility structures), while simplifying the portfolio over time. We lower our price target to $150 (from $152) to match the announced acquisition offering price. Our new $150 price target equates to 31.6x our 2027 EPS estimate of $4.75, compared to our prior $152 price target being based on 32x our 2027 EPS estimate.