Buzzi Unicem has submitted an offer to acquire a 99.5% interest in the share capital of Sacci SpA, an Italian cement producer. Sacci operates in the central and northern parts of Italy and has a market share of approximately 6%. It is vertically integrated, with ready-mix operations particularly well established in the central region. Sacci is currently involved in a debt-restructuring agreement pursuant to article 182-bis of the Bankruptcy Law, endorsed by the Court of Rome in July 2013. The offer is subject to approval by the Italian Antitrust Authority and must also be agreed by the banks and credits involved in the debt restructuring agreement.
The acquisition amounts to a cost of €120 million, which Buzzi Unicem will fund with available liquidity and/or existing credit facilities. A further outlay may be payable on top of the original commitment upon the occurrence of specific future events (earn-out clause), including in particular the achievement of a certain level of aggregate turnover by Buzzi Unicem and SACCI together in Italy and the possible subsequent disposal of facilities that are no longer used for industrial operations.
Sacci holds minority active investments in Cementerie Aldo Barbetti SpA and Cementeria Constantinopoli Srl.
Adapted from press release by Katherine Guenioui