Grupo Lamosa, SAB de CV (BMV:LAMOSA *) signed a contract to acquire ceramic operations in South America from Etex S.A. (ENXTBR:094124453) for $230 million on July 19, 2016. The transaction consideration is free of net debt and is subject to adjustments. The transaction involves acquisition of six subsidiaries with operations in Chile, Colombia, Peru and Argentina.

Lamosa plans to fund the transaction through debt. The ceramic business of Etex in South America generated annual sales of €267 million (approximately $295.32 million) in 2015. The transaction is subject to corporate and regulatory approvals, both in Mexico and in various South American countries where Ceramica San Lorenzo is present.

Currency conversions are made through www.oanda.com on July 19, 2016. Morgan Stanley acted as financial advisor to Etex S.A