Cemex, Holcim to exchange European assets

|About: Cemex, S.A.B. de C.V. (CX)|By:, SA News Editor

Cemex (CX) has agreed to swap European assets with Swiss cement company Holcim (HCMLF.PK).

The Mexican firm will acquire Holcim's operations in the Czech Republic.

Cemex will sell its assets in the western part of Germany to Holcim.

The companies will combine their businesses in Spain, with Cemex retaining 75% of the new entity.

Holcim will pay Cemex €70M in cash.

The transactions are expected to generate synergies that will add $20-30M to Cemex's EBITDA. (PR)