Taiwan Cement has agreed to buy a 60 per cent stake in Cimpor Portugal Holdings for EUR480m, making the Portuguese firm a wholly-owned unit.
The acquisition, from Turkey´s OYAK, puts the enterprise value of Cimpor Portugal Holdings at EUR800m.
Cimpor has been maintaining its operations in Portugal (pictured above) and Cabo Verde with 3 cement plants, 2 grinding plants, 42 ready-mixed concrete plants, 15 aggregate pits, and 1 bag plant since its date of incorporation.
Cimpor Côte d’Ivoire, in Ivory Coast, started in 2019, by continuing to grow under the umbrella of Cimpor Global Holdings. The Portuguese company started its operations in Cameroon in 2022 with the establishment of the factory known as Cimpor Cameroun.
The Portuguese group was acquired by OYAK (Armed Forces Pension Fund), which is one of the biggest industrial groups in Turkey, in 2019.
OYAK is also selling a 20 per cent stake in Oyak Denizli Cement of Turkey to Taiwan Cement, valuing the company at EUR1.3bn (US$1.42bn).
Taiwan Cement estimates it will pay EUR193.4m for the stake, increasing its ownership to 60 per cent, a filing from the Taiwanese company confirmed.
Taiwan Cement had purchased a 40 per cent stake in Oyak Cement Group, a subsidiary of Oyak Denizli, in 2018 for about EUR563m.
OYAK said the stake sale was motivated by its ambitions for “sustainable growth” and to cut carbon emissions.