LafargeHolcim's US$400 Million Divestment in Sri Lanka
A cross-office Baker & McKenzie M&A team recently advised LafargeHolcim, a building materials company, on the divestment of its interest in Holcim Lanka to Siam City Cement Public Company Limited (SCCC), Thailand’s second largest cement producer, for an enterprise value of US$400 million.
Holcim Lanka is a leading cement manufacturer in Sri Lanka and operates a fully integrated cement plant with an annual capacity of about 1.3 million tonnes in Puttalam. The company also operates a cement grinding facility in Galle with annual capacity of about 1 million tonnes and manages three terminals with packing capacities in three local ports with total annual import capacity of 1.6 million tonnes.
The Baker & McKenzie team was led by Andrew Martin in Singapore, with support from Alex Gee (lead associate) and Pei Lin Ng (associate) in Singapore, and Tim Gee (partner), Richard Blunt (partner) and Susie Davies (Of Counsel) in London. Baker & McKenzie worked in close partnership with the LafargeHolcim in-house legal team led by Patrick McGlinchey (Regional General Counsel, Asia Pacific) and Davina Narayanan (Legal Counsel, Asia Pacific).
Commenting on the deal, Andrew Martin, Head of the Corporate & Securities Practice Group at Baker & McKenzie.Wong & Leow, said,
This deal plays to our strength in complex cross-border M&A/corporate transactions, and we are very pleased to be able to bring such a competitive transaction to a successful close in an extremely tight time window for our client.