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[June 2004]
CRH Takes Big Stake in Portuguese Building Materials Producer
The international building materials group CRH PLC has concluded the purchase of a 49% stake in Secil, a Portuguese manufacturer of cement and readymixed concrete, following clearance of the transaction by the European Commission on 28 May 2004.
The investment is based on an agreed enterprise value of €900 million for 100% of Secil. Following the payment of a dividend by Secil to its former 100% shareholder Semapa, net debt at closing was €220 million. The cash consideration for CRH's 49% share of Secil amounted to €333 million, on which goodwill of €45 million arises. CRH and Semapa have also concluded an agreement under which they will have joint management control of Secil.
ENDS