InterCement sells cement operations in Mozambique to Chinese Huaxin

InterCement confirmed, in a statement, on the 27th of June, the conclusion of the agreement for the sale of its cement assets in South Africa and Mozambique. According to the company, the agreement stipulates a value of US$265 million for the business.

Valor anticipated that the negotiation had been closed with the Chinese group Huaxin Cement. Negotiations had been taking place for about six months, under the coordination of J.P. Morgan, who advised InterCement on its departure from Africa.

InterCement is the holding company for the cement business of the Mover Participações group. The company is the leader in Argentina and third in the Brazilian market.

After the consummation of the sale, Huaxin will have an installed capacity of 29 million tons per year and 23 InterCement cement plants in Brazil and Argentina.

(Source: Fusões & Aquisições)