Australian building products company James Hardie Industries is buying the U.S. outdoor products maker AZEK in a cash-and-stock deal valued at approximately $8.75 billion, including $386 million in debt.
It's the second major acquisition in the building supplies sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt.
The U.S. housing market has been in a slump since 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes fell last year to the lowest level in nearly 30 years.
The average rate on a 30-year mortgage in the U.S. rose slightly for the second week in a row to 6.67%, mortgage buyer Freddie Mac said Thursday.
Raymond James analyst Sam Darkatsh said in a client note that the uncertainty in the housing market makes Beacon's acquisition a positive for its shareholders. Beacon is based in Herndon, Virginia.
Under the James Hardie deal, shareholders of The AZEK Company Inc. will receive $26.45 in cash and 1.034 ordinary shares of James Hardie for each share of AZEK stock that they own. AZEK is based in Chicago.
James Hardie shareholders will own about 74% of the combined company, with AZEK stockholders owning 26%.
The combined company will sell siding, exterior trim, decking, railing and pergolas, among other building goods.
“The consumer journeys for siding and decking often overlap and both companies have excelled at demand creation for the homeowner and innovative products and solutions for the contractor,” James Hardie CEO Aaron Erter said in a statement.
James Hardie's ordinary shares will list on the New York Stock Exchange once the deal closes.
The boards of both companies have unanimously approved the transaction, which is currently targeted to close in the second half of the year. The deal still needs AZEK shareholder approval.
AZEK's stock soared more than 14% Monday.
FILE - Australian building supplies company James Hardie site in western Sydney, Australia, Sept. 21, 2004. (AP Photo/Mark Baker, File)
Russell Wilson has bounced around the NFL the past few years, a one-time Super Bowl winner suddenly without a consistent home while facing doubts and critics about his play.
The 36-year-old quarterback is now officially at his latest stop after signing his one-year contract with the New York Giants on Wednesday, a day after agreeing to terms on the deal with what is his third team in as many years and fourth in five years.
But with the Giants, Wilson has his sights set on one thing.
“I expect to be the starter and to be able to come here and rock and roll every day,” Wilson said during a Zoom call Wednesday. “I think this team’s really looking for somebody to lead them in every way — in terms of the process, in the offseason, during the season, our habits and our thought process and how we create a great winning culture.
"How do we continue to establish that and to really build on things that we do well and the things that we continue to need to do?”
A person with knowledge of the contract told The Associated Press it's worth up to $21 million with $10.5 million guaranteed. The person spoke to the AP on condition of anonymity because the team didn't announce financial terms.
Wilson joins a quarterback room that includes veteran Jameis Winston, who signed a two-year contract last week, and Tommy DeVito, an exclusive rights free agent who was re-signed on March 8. New York also has the No. 3 overall pick in the NFL draft next month and could still target a quarterback.
“The great part about professional sports is constant change, constant movement,” Wilson said. "If we draft a quarterback, we’ll make sure he does everything he can to be ready to go and be prepared with his mentality.
“But for me, I’m focused on winning — what I can do as a quarterback of the New York Giants to help us win and do everything we can to lead?”
Wilson, a 10-time Pro Bowl selection, helped Pittsburgh make the playoffs last season and threw for 2,482 yards with 16 touchdown passes and five interceptions and a 96.5 passer rating. But the Steelers lost five in a row at the end of the season after starting 6-1 with him.
The Steelers allowed Wilson to become a free agent, as they did with Justin Fields — who signed with the Jets. While there was a chance Wilson could be back in Pittsburgh, the Steelers also met last week with Aaron Rodgers — who remains a possibility to sign there if he wants to play a 21st NFL season.
Meanwhile, Wilson met with the Giants and felt the fit was right.
“First of all, Aaron Rodgers is a tremendous football player,” Wilson said. "He’s done some amazing things in this league. I’ve been fortunate that I’ve been able to do some great things, too. What I’m focused on right now is what we can do here. That’s been my focus since I signed.
“Also, too, along the way is finding a place that will continue to believe in you.”
Wilson called Pittsburgh “a special, special place” for him, and praised his former Steelers teammates, including T.J. Watt and Cam Heyward.
“But coming here and being in New York is an exciting place to play,” Wilson said. "It’s a place that wants to win and knows how to win is and has won before. For me, it’s bringing everything I know, all the experiences and touchdowns, all the wins, and also all the love and passion for the game to the locker room. That’s what I’m really excited for.
“It’s going to be a special, special thing and we've got to go work for it every day and go do it.”
Wilson spent part of his night across the Hudson River at Madison Square Garden, where he watched the New York Knicks lose to the Los Angeles Clippers. Wilson, seated next to actor Matthew Modine, was shown on the video board to cheers, signed a football and then tossed it into the stands to fans.
Wilson played two disappointing seasons in Denver following 10 years in Seattle, which he helped win a Super Bowl in February 2014 at MetLife Stadium — Wilson's new home stadium.
“I have some amazing memories here,” he said. “Some of my most fond memories of this game that I poured my heart and soul into every day happened right here in this stadium right across the street in MetLife Stadium. I’m excited to create some more memories with some amazing teammates for this amazing fan base.”
Wilson mentioned at least a dozen of his new Giants teammates during his 20-minute chat with reporters. Among those players was young wide receiver Malik Nabers, who spoke to Wilson before the quarterback signed.
“This guy, when he touches the ball, he may score every single time,” Wilson said, adding that Nabers is a “freak of an athlete.”
He also praised embattled coach Brian Daboll, saying “he’s been around greatness and knows what it looks like and sounds like," while pointing out his five Super Bowl rings as an assistant.
“What I really like about Dabs is just his mentality, his attack mentality,” Wilson said. "We haven’t been able to talk a whole bunch of ball yet, but I’ve been able to see a bunch over the years and understand who he is.
“I think that’s the exciting part about what we can do and all the guys we have around us.”
AP Pro Football Writer Rob Maaddi contributed to this report.
AP NFL: https://apnews.com/hub/NFL
FILE - Pittsburgh Steelers quarterback Russell Wilson (3) calls out at the line of scrimmage during the first half of an NFL football game against the Baltimore Ravens, Saturday, Dec. 21, 2024, in Baltimore. (AP Photo/Nick Wass, File)
