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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