Cemex has confirmed it will increase its ownership of Leight White Cement to 36.75%, following HeidelbergCement’s agreement for its subsidiary Leigh Cement to sell its 51% position. Cemex is expected to pay the total consideration approximately valued $34m.
In addition, the transaction will also raise Cementir’s stake to 63.25%.
Leigh White is currently 51% owned by Lehigh Cement, a U.S. subsidiary of HeidelbergCement; 24.5% owned by Aalborg Cement company, a U.S. subsidiary of Cementir Holdings, and 24.5% owned by a U.S. subsidiary of Cemex.
The transaction is subject to the satisfaction of standard closing conditions and is expected by the end of the first quarter of 2018.