InterCement is to sell its operations in Portugal and Cape Verde to Turkey’s OYAK. The sale includes three integrated cement plants and two milling facilities. Total cement capacity included in the deal is 9.1 million t.
The value of the deal was not released but has been reported by Reuters to be around €700 million or US$795 million. InterCement acquired the assets with the purchase of Cimpor six years ago.
In addition, OYAK will acquire 46 concrete units, two dry mortar units, 17 quarries, and a cement bagging plant. The closing of the transaction is subject to the usual closing condition, including regulatory approvals.
Proceeds from the sale will be used to reduce InterCement’s debt and improve the strength of its capital structure. On completion of the deal, the company will operate 39 million tpy of cement capacity at 35 cement plants in South America and Africa.
Read the article online at: https://www.worldcement.com/europe-cis/30102018/intercement-sells-european-assets/