Australian building products company James Hardie Industries is buying the US outdoor products maker AZEK in a cash-and-stock deal valued at approximately $8.75 billion.

James Hardie sells fibre-cement panels that clad the outside and inside of houses. In the key North American market, fibre-cement has been taking market share from other ‘siding’ materials for decades. Mostly because of its lower ongoing maintenance costs and longer lifespan.

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.