By Ian Walker
CRH confirmed Tuesday that it is selling its European distribution business to Blackstone Group for up to 1.64 billion euros ($1.85 billion).
The deal, which was reported in The Wall Street Journal on Monday, follows a monthslong review of the business as the company tries to simplify its global operations and bolster profits.
The sale comprises the entire General Builders Merchants business in Europe, including CRH's Sanitary Heating and Plumbing business. The deal is subject to regulatory approval.
"The transaction announced today demonstrates the continued execution of CRH's strategy of creating value for our shareholders through active portfolio management, the efficient allocation of capital and creating a simpler and more focused group going forward," Chief Executive Albert Manifold said.
Write to Ian Walker at firstname.lastname@example.org