“Intend to maintain our solid investment-grade credit ratings of triple B plus and Baa1.”

In context

“for long-term sustainable sales and profit expansion. The transaction details are outlined on slide 11 and include a purchase price of $8.8 billion which reflects an adjusted EBITDA multiple of 13.4 times. The acquisition is expected to close in 2025 subject to customary closing conditions, including regulatory approvals. It's expected to be accretive to adjusted diluted earnings per share in the first full year after closing excluding synergies. We intend to fund the acquisition through a combination of short-term and long-term debt. We expect that the robust cash flow generation of our core business, combined with FBM's track record of strong cash flows will allow us to delever quickly down to our target ratio by the end of 2027. We also plan to pause share repurchases until that time. Intend to maintain our solid investment-grade credit ratings of triple B plus and Baa1. Capital allocation priorities remain unchanged. We will continue to invest first in growth to support our 35% dividend payout target and return excess capital to shareholders through share repurchases. As Marvin mentioned, the FBM team has delivered consistent profitable growth since its founding. In 2024, on a pro forma basis, FBM generated approximately $6.5 billion in revenue and $635 million in EBITDA. And looking ahead, we expect that FBM will continue to grow organically and through greenfield expansion in the near term. We also expect to drive incremental revenue and EBITDA with the cross-selling opportunities that Marvin outlined our combined product offering. And we expect to deliver cost savings primarily by optimizing procurement administrative and logistics spend. In closing,”