The companies entered a definitive agreement under which James Hardie will acquire Azek for a combination of cash and shares, a total transaction value of $8.75 billion, including Azek's net debt of $386 million.

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.

Based in Chicago, AZEK is a manufacturer of outdoor living products, employing approximately 2,000 team members across multiple manufacturing and recycling facilities.