Çimsa Çimento Sanayi ve Ticaret Anonim Sirketi completed the acquisition of white cement business and Buñol cement plant of CEMEX, S.A.B. de C.V. (BMV:CEMEX CPO) for approximately $160 million.
July 08, 2021
Share
Çimsa Çimento Sanayi ve Ticaret Anonim Sirketi (IBSE:CIMSA) entered a binding agreement to acquire white cement business and Buñol cement plant of CEMEX, S.A.B. de C.V. (BMV:CEMEX CPO) for approximately $180 million on March 20, 2019. The parties entered into an agreement on March 29, 2019. This divestment does not include CEMEX's white cement business in Mexico and in the U.S. and CEMEX's minority investment, mainly, in Lehigh White Cement Company. CEMEX will retain its white cement assets, business activities and investments in Mexico and the United States, as these are not part of the announced divestment.
Closing of this transaction would be subject to the satisfaction of standard conditions for this type of transactions, which includes authorization by regulators. CEMEX currently expects it could sign the final agreement during April 2019 and close this divestment during the second half of 2019. As of September 14, 2020, all closing conditions are estimated to be satisfied prior to year-end 2020. As of September 30, 2020, The National Markets and Competition Commission has approved the transaction. As of January 7, 2021, the transaction is expected to close during the first quarter of 2021. As of April 29, 2021, CEMEX currently expects to close this transaction by the end of 2Q21. The proceeds expected to be obtained from this divestment would be mainly used for debt reduction and general corporate purposes.
Bank of America Merrill Lynch International Limited acted as financial advisor to Çimsa Çimento Sanayi ve Ticaret Anonim Sirketi. EDNAM Capital acted as financial advisor and BCG as strategic advisor in the transaction. Luis Alonso, Javier Hermosilla, Miguel Barredo, Ana Plana Iniesta and Lucía Herrero García of Clifford Chance acted as legal advisors for Çimsa.
Çimsa Çimento Sanayi ve Ticaret Anonim Sirketi (IBSE:CIMSA) completed the acquisition of white cement business and Buñol cement plant of CEMEX, S.A.B. de C.V. (BMV:CEMEX CPO) for approximately $160 million on July 9, 2021. Luis Acuña Alonso, Jaime Folguera Crespo and Alfonso Gutiérrez Hernández of Uría Menéndez Abogados, S.L.P. acted as legal advisor to Cimsa Cementos España, S.A.U. in the transaction.
Cemex SAB de CV is a Mexico-based operating and holding company primarily engaged, directly or indirectly, through subsidiaries, in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates, clinker and other globally provided construction materials. The construction-related services supply customers and communities in over 50 countries throughout the world. The Company operates in various locations, including Mexico, the United States, Europe, South America, Central America, the Caribbean, Asia, the Middle East and Africa. The cement production facilities are located in Mexico, the United States, Spain, Egypt, Germany, Colombia, the Philippines, Poland, the Dominican Republic, the United Kingdom, Panama, Puerto Rico, Thailand and Nicaragua. The Company is a supplier of aggregates, primarily the crushed stone, sand and gravel, used in various forms of construction.
Çimsa Çimento Sanayi ve Ticaret Anonim Sirketi completed the acquisition of white cement business and Buñol cement plant of CEMEX, S.A.B. de C.V. (BMV: CEMEX CPO) for approximately $160 million.
CEMEX, S.A.B. DE C.V. 
