Howard Hughes Holdings to Replace Arcosa in S&P SmallCap 600

S&P Dow Jones Indices announced on October 23, 2026, that Howard Hughes Holdings Inc. (HHH ) will replace Arcosa Inc. (ACA ) in the S&P SmallCap 600, effective prior to the opening of trading on Wednesday, October 28, 2026. The index provider’s announcement states that S&P 500 constituent CRH plc acquired Arcosa in a deal that closed the same day, October 23, 2026.

The summary table published with the announcement lists Howard Hughes Holdings, which trades on the New York Stock Exchange under the ticker HHH, as an addition to the S&P SmallCap 600 under the GICS sector Real Estate. Arcosa, listed on the NYSE under the ticker ACA, appears as a deletion under the GICS sector Industrials. Both actions take effect prior to the open of trading on October 28, 2026.

CRH announced separately on October 23, 2026, that it had completed its acquisition of Arcosa. The company noted it had previously announced on June 22, 2026, that it had reached an agreement to acquire Arcosa for a total enterprise value of approximately $8.5 billion. CRH characterized the completed acquisition as highly complementary to its aggregates-led, connected portfolio strategy, and said the transaction reinforces its position as the leader in U.S. and global aggregates while increasing its exposure to demand from major road, water, energy and data projects across the country.

“Arcosa is an excellent strategic fit for CRH and fully aligns with our growth ambitions,” CRH chief executive Jim Mintern said in the completion release. Mintern said the acquisition’s high-quality aggregates assets and positions in the growing U.S. energy transmission market strengthen CRH’s connected portfolio and reinforce what the company describes as its position as the leading infrastructure player in North America.

CRH said it will provide updated full-year 2026 guidance reflecting completion of the Arcosa acquisition together with its third-quarter results on October 29, 2026.

Terms of the Arcosa Transaction

Under the agreement announced on June 22, 2026, CRH agreed to acquire 100% of Arcosa in an all-cash transaction for $150 per share, subject to approval by Arcosa’s stockholders, regulatory approvals and customary closing conditions. CRH said the offer implied a 25% premium to Arcosa’s 60-day trading VWAP as of June 18, 2026, and that the approximately $8.5 billion total enterprise value represented an acquisition multiple of 11.5x 2026E Adjusted EBITDA, a figure that includes estimated annual run-rate cost synergies of $175 million expected by year three.

The boards of directors of both companies unanimously approved the transaction, which at announcement was expected to close in the first quarter of 2027. CRH said it intended to fund the acquisition with available cash and committed debt financing, and that J.P. Morgan and Morgan Stanley (MS ) were providing committed bridge financing for the transaction.

J.P. Morgan and Morgan Stanley acted as financial advisors to CRH, with Kirkland & Ellis serving as legal counsel. Evercore and Goldman Sachs (GS ) acted as financial advisors to Arcosa, with Gibson Dunn and Baker Botts serving as its legal counsel.

CRH also stated at announcement that the transaction was expected to be accretive to earnings, margin and cash flow in the first 12 months following completion, before one-off transaction costs. The company said the combined balance sheet would carry pro forma FY 2026E Net Debt / Adjusted EBITDA of 2.4x, a measure it defined as CRH’s estimated net debt at the end of 2026 assuming the cost of the acquisition, divided by the combined 2026E Adjusted EBITDA at the midpoint of each company’s publicly stated guidance.

Arcosa’s Business

In the June announcement, CRH described Arcosa, headquartered in Dallas, Texas, as a provider of infrastructure-related materials, products and solutions. Arcosa’s Construction Products business operates 109 quarries and yards, nine asphalt plants and 19 terminals, with approximately 35 million tons of 2025 aggregates shipments. CRH described Arcosa’s Engineered Structures business as a top three manufacturer of critical infrastructure products in the energy transmission market, pointing to long-term demand tied to grid modernization, electrification and data center construction.

CRH said Arcosa serves 13 of the 50 largest U.S. Metropolitan Statistical Areas across Texas, New Jersey, Arizona, Florida and Tennessee, and that the transaction brings more than 265 million tons of combined annualized aggregates production.

CRH will publish its third-quarter 2026 financial results before the market open on Thursday, October 29, 2026, ahead of a conference call and webcast at 8:00 a.m. Eastern Daylight Time, according to the company’s investor relations page.