Homex Unloads Prison Stakes to Slim

Homex Unloads Prison Stakes to Slim

Mexico M&A

Homex has agreed to sell its position in prison assets in the states of Morelos and Chiapas to Carlos Slim's Ideal and Inbursa, it says, raising MXP4bn ($328m). The troubled Mexican homebuilder plans to use half of the proceeds for working capital and the rest for repaying debt. It expects to stay on as builder of the prison in Morelos and to participate in the operations of both prisons. The homebuilder's 2015 bonds rose about 30 points Friday to trade in the mid-80s, according to a trader. Hom

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