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.

Quikrete struck a $9.2 billion deal to acquire Summit Materials, bringing together two of the U.S.'s biggest makers of building materials. Summit shares fell nearly 3% premarket. Read more:

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,