Ciments Français to sell part of its Turkish activities

Ciments Français has agreed to sell Set Group Holding and its subsidiaries for a total amount of  €290 million (on a cash and debt-free basis) to Limak Holding, a diversified Turkish Group with investments in construction, infrastructure, cement, energy, transport and tourism.

Set Group Holding, which represents a significant part of the existing industrial network of Ciments Français in Turkey, operates three cement plants in Ankara, Balikesir and Trakya (for a total clinker capacity of 2.3 million tpa), one grinding centre in Ambarli (total cement capacity of 1.2 million tpa) and 13 ready mix concrete facilities. As of 31 December 2010, Set Group Holding posted revenues of approximately  130 million and a net debt close to  17 million.

Afyon Çimento, a listed Turkish company majority-owned by Ciments Français, is not included in the perimeter of the transaction. In the future, Ciments Français will examine the best industrial and financial opportunities for this asset.

The completion of the transaction with Limak Holding is subject to approval by the relevant Turkish authorities. The transaction is expected to be completed during the second quarter of 2011.

Mediobanca acted as financial adviser to Ciments Français on this transaction.

Read the article online at: https://www.worldcement.com/europe-cis/25022011/ciments_fran%C3%A7ais_to_sell_part_of_its_turkish_activities/