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Workers are seen at a concrete plant of Mexican cement maker CEMEX in Monterrey, Mexico January 25, 2020. Picture taken January 25, 2020. REUTERS/Daniel Becerril

 

U.S. law firm Skadden, Arps, Slate, Meagher & Flom has advised Mexico-based multinational building materials company Cemex on the sale of its operations and assets in the Philippines to Dacon Corporation, DMCI Holdings, and Seminara Mining and Power Corporation.

Cemex has signed an agreement to sell 100 percent of Cemex Asian South East Corporation, which owns approximately 89 percent of Cemex Philippines, based on an enterprise value of approximately $660 million for Cemex Philippines.

The deal also includes the sale of Cemex’s related 40 percent indirect equity interest in APO Land & Quarry Corporation and Island Quarry and Aggregates Corporation based on an aggregate enterprise value of approximately $140 million.

The Skadden team was led in Asia by partners Jonathan Stone (Hong Kong) and Rajeev Duggal (Singapore). New York-based partners Gregory Fernicola, Nazmiye Gökçebay, and Alec Jarvis also assisted on the deal.

 

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