(Bloomberg) -- Irish building materials company CRH Plc will move its primary stock-market listing to the US from London after gaining shareholder approval.

Investors backed the motion to move its main listing to New York and its secondary listing to London from Dublin at an extraordinary general meeting on Thursday.

The move will “enhance commercial opportunities” and does not change the CRH’s strategy of having a strong business on both sides of the Atlantic, Chairman Richie Boucher said at the meeting. CRH will continue to “invest sensibly” in the European business, where the company still sees opportunities, he added.

North America represents about 75% of the firm’s earnings before interest, tax, depreciation and amortization and is expected to be a key driver of future growth.

CRH hopes to be listed in New York by Sept. 25, Chief Financial Officer Jim Mintern said on Thursday. Approval will also be required from the Irish High Court.

European companies are increasingly looking to the US market due to its wider investor base and bigger pool of capital, which offers the prospect of higher valuations. Liquidity has also deteriorated in London in recent years. Technology companies in particular have shunned the UK, with semiconductor-design company Arm Ltd. deciding against selling shares on the London Stock Exchange.

Being able to represent the firm as a “truly American company” would allow it to benefit more from federal spending programs such as the US Infrastructure Investment and Jobs Act and the CHIPS and Science Act, CRH Chief Executive Officer Albert Manifold said. 

Mergers and acquisitions are a big part of CRH’s growth strategy and the US listing should make doing “stock for stock” deals easier, he added.

CRH’s decision to de-list from Euronext Dublin is a blow to the exchange given the building material company’s position as the largest Irish-listed firm, while question marks continue to hang over the continued Dublin listing of Flutter Entertainment Plc.

The gambling company secured shareholder approval to pursue an additional US listing of shares in April and said it couldn’t guarantee it would retain its Irish market listing.

(Updates with CEO comments in 7th and 8th paragraph)

©2023 Bloomberg L.P.