Cemex S.A. (CX) to Sell U.S. Reinforced Concrete Pipe Manufacturing Business for Over $500M
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CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that one of its subsidiaries in the U.S. has signed a definitive agreement to divest its U.S. Reinforced Concrete Pipe Manufacturing Business to Quikrete Holdings, Inc. for approximately U.S.$500 million plus an additional U.S.$40 million purchase price contingent on future performance.
The closing of this transaction is subject to the satisfaction of certain conditions, including approval from regulators. We currently expect to finalize this sale during the first quarter of 2017.
The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes.
Bank of America Merrill Lynch and Citigroup Global Markets Limited are acting as financial advisors to CEMEX in this transaction.
CEMEX is a global building materials company that provides high quality products and reliable service to customers and communities in more than 50 countries. Celebrating its 110th anniversary, CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future.
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Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Mergers and Acquisitions
Related EntitiesCiti, Merrill Lynch, Bank of America
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