Noerr advises CEMEX on sale of Baltic and Nordic activities to Schwenk Group
Noerr has advised CEMEX, one of the world’s leading building materials companies, on the sale of its activities in Scandinavia and the Baltic states to Schwenk, a the building materials group headquartered in Ulm, Germany. The purchase price is approx. €340m.
In Latvia, Schwenk is taking over, a cement production plant with a production capacity of around 1.7m tonnes, several quarries and ready-mixed concrete plants as well as a marine terminal. The sale also includes CEMEX’s export business to Estonia and an indirect equity interest of CEMEX in a cement plant in Lithuania with a production capacity of around 1.8m tonnes. In Finland, Norway and Sweden CEMEX is selling import terminals to the Schwenk.
Closing of the transaction is expected to take place in the first quarter 2019. The deal is subject to the usual conditions, including clearance by the antitrust authorities.
Noerr partners Tibor Fedke and Christoph Spiering acted as lead counsel in the transaction. A team led by the two partners had already advised CEMEX in an international exchange of shareholdings with the competitor Holcim.
Advisors to CEMEX Espana, S.A.: Noerr LLP
Dr Tibor Fedke (Berlin), Dr Christoph Spiering (Hamburg, both Corporate/M&A, joint lead), Dr Carsten Heinz (Tax, Munich/Berlin), Dr Torsten Kraul (IT Outsourcing), Dr Kathrin Westermann (Antitrust, both Berlin), Associate: Marc Philip Priesmeyer, Ira Tsoures (both Berlin, Corporate/M&A)
Local Counsel: Estonia, Latvia, Lithuania: Primus Derling; Sorainen; Finland and Sweden: Hannes Snellmann; Norway: Wiersholm; Dutch law: Houthoff