Cementos Portland Valderrivas (CPV) said on Monday it has paid EUR 1.092bn ($1.40bn) for 51 per cent of Catalan cement firm Uniland.
CPV said the deal makes it the biggest cement company in Spain with an expected turnover of more than EUR1.8bn in 2007 and core profit (EBITDA) of more than EUR 600m.
CPV said shareholders owning an additional 22.5 per cent of Uniland have a five-year put option to sell their shares to CPV at the same price. If exercised, this would raise the cost of a total 73.5 percent of Uniland to about EUR1.6bn.
CPV said that following the acquisition, it will have an annual output capacity of 18.8Mt.