Cemex to Buy UK's RMC Group
In a deal valued at $5.8 billion, Mexico's Cemex will
buy the UK's RMC Group. The acquisition by Cemex, the world's
third-largest cement company, is designed to double the
Monterrey-based company's revenues and expand its presence in
Europe. In the biggest acquisition ever by a Mexico-based
company, Cemex agreed at the end of September to pay $4.15
billion and assume RMC's debt. RMC is the world's leading maker
of ready-mix concrete and one of Europe's biggest cement
producers with operations in 22 countries. It posts $8.8
billion in annual revenue. Recently, it has been cutting costs
and closing plants. Citigroup and Goldman Sachs advised the
Mexican company. Cazenove Group, JPMorgan and ABN Amro were
advisors for RMC. Earlier in September, Cemex announced it
would buy back $290 million in outstanding debt.
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