As expected, Martin Marietta Materials and Texas Industries confirmed Friday that they have reached an agreement with the U.S. Department of Justice that resolves antitrust concerns over their $2.7 billion merger.
The agreement calls for Raleigh-based Martin Marietta to divest its North Troy quarry in Mill Creek, Okla. and its two rail yards in Dallas and Frisco, TX.
The agreement means the Justice Department has terminated the waiting period applicable to the merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Martin Marietta and Texas Industries are both scheduled to hold special shareholder meetings on June 30 to vote on proposals related to the acquisition.
The acquisition would make Martin Marietta the largest provider of rock, gravel and other construction materials in the country. The combined company will be based in Raleigh.