Cementir Holding to sell all assets and activities in Italy for enterprise value of EUR 315m
20 SEP 2017
Today (19 September) Cementir Holding S.p.A. [BIT: CEM] has entered into an agreement with Italcementi S.p.A. [BIT:IT], a fully controlled subsidiary of HeidelbergCement AG [HEIX:GER] to sell 100% of the share capital of Cementir Italia S.p.A., including its entirely owned participations in Cementir Sacci S.p.A. and Betontir S.p.A. (Cementir Italia Group).
Cementir Italia’s business includes five integrated cement plants and two cement grinding centers as well as the network of terminals and ready-mixed concrete plants, all operating in Italy. The transaction has an enterprise value of EUR 315m on a cash and debt-free basis. Closing is subject to the approval of the Italian Antitrust Authority and the transaction is expected to be completed at the beginning of next year. In 2016, pro-forma sales revenue of Cementir Italia Group stood at EUR 136m, keeping into account Cementir Sacci for 12 months as it was acquired on July 29th, 2016.
Francesco Caltagirone, Chairman and CEO of Cementir Holding stated: “As a result of this transaction, Group net financial debt to Ebitda ratio will be close to 0.5x at the end of 2018. This will enable the Group to take the opportunities arising in the future, as it has happened during the last 12 months.”