Elementia, S.A.B. de C.V. (BMV:ELEMENT *) signed a letter of intent to acquire 55% stake in Giant Cement Holding, Inc. from Cementos Portland Valderrivas SA for $220 million.

Elementia, S.A.B. de C.V. (BMV:ELEMENT *) signed a letter of intent to acquire 55% stake in Giant Cement Holding, Inc. from Cementos Portland Valderrivas SA (BME:CPL) for $220 million on October 13, 2016. Giant Cement reported $236 million in turnover in 2015. The acquisition is subject to obtaining all applicable regulatory approvals. On October 28, 2016, the transaction was approved by Board of Cementos Portland Valderrivas. As of November 10, 2016, Elementia successfully completed a capital increase for $217.491 million which it will utilize to complete the acquisition.