MANILA, Philippines — Switzerland-based cement giant Holcim Group is selling its Philippine business to China’s Huaxin Building Materials in a deal valued at about $807 million, the company announced on Sunday.
Holcim will sell an initial 67.623-percent stake to the Wuhan-based company for $527 million, avoiding an upfront payment of the full purchase price. Then, the Swiss firm will divest its remaining roughly 31-percent stake over the next three to five years for a minimum of $280 million.
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Additionally, the valuation may also increase “based on incremental value creation during this period,” Holcim said. FEATURED STORIES
