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Buzzi Unicem completes purchase of Cementizillo SpA

Published by
World Cement,

On 3 July 2017, Buzzi Unicem executed its agreement with Giovanni Zillo M.X. & C. Srl, which was signed on 16 June 2017, and disclosed to the market on the same day. Buzzi Unicem has now acquired the remaining 52.1% of the share capital of Cementizillo SpA, and thus now holds 100% of the company.

The payment of the majority stake has been carried out for €19 million, as well as the transfer of 450 000 ordinary shares held in treasury. Buzzi Unicem will pay another €3.4 million 120 days after the closing, considering an adjustment based on the changes in working capital and net financial position occurred between 31 December 2016 and the closing date; afterwards €7.5 million one year after the closing date and, finally, further €7.5 million three years after the closing date. The variable portion of the cash consideration may fluctuate from a minimum of €0 (zero) to a maximum of €21 million, depending on the trend of the average cement price realised in Italy in the years from 2017 to 2020.

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