On 2 February, it was announced that CRH had reached an agreement to acquire certain assets from Lafarge S.A. and Holcim Ltd for a total Enterprise Value of €6.5 billion. Confirmation that the majority of the transaction was complete was given on 3 August 2015. Of this acquisition Albert Manifold, CRH Chief Executive, said: ‘The integration of these high quality assets, which we have acquired at an attractive valuation and at the right point of the cycle, will strengthen our presence in a number of key markets as well as providing new platforms for strategic growth. The additional scale will help us to improve efficiency, speed up innovation and provide an even better service to our customers.”
At this stage the only remaining transaction to close was the Philippines. This aspect of the deal was in partnership with Aboitiz Equity Ventures Inc., who had secured a loan from The Bank of Tokyo-Mitsubishi UFJ. Ltd. in order to partially finance their investment, which would buy the company a 40% share. As of 15 September, the Philippines element of the transaction has also been completed.
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/asia-pacific-rim/15092015/crh-plc-completes-philippines-element-of-lafargeholcim-transaction-547/