Approval for Semapa Secil sale

Approval for Semapa Secil sale
Published: 04 June 2004

Portuguese conglomerate Semapa has completed the sale of a 49 percent voting interest in cement company Secil to Irish building materials company CRH Plc (CRH.I) for 333 million euros ($407 million), it said on Thursday.  The deal is based on an enterprise value for Secil of 900 million euros and has been approved by the European Commission.

The enterprise value includes net debt of 220 million euros following payment of a dividend distribution in May, making an equity value for Secil of 680 million euros, a Semapa spokesman said.