Aboitiz Equity Ventures Inc said it will invest PHP24bn (US$531m) in the cement business after formalising a deal with Irish cement maker CRH Plc to buy the Philippine assets of Lafarge SA, Reuters reports.
In May, Aboitiz said it was looking to partner with CRH to buy Lafarge's assets in the Philippines as the local power-to-banking conglomerate sought to diversify into infrastructure.
The Philippine units form part of a package of assets that CRH is acquiring from Lafarge and Holcim for EUR6.5bn.
"The agreement (with CRH) will be by way of an agreed investment in holding companies for the purpose of the acquisition of the various Philippine assets and businesses of Lafarge SA, including the cement production and other cement-related businesses and services," Aboitiz told Manila's stock exchange on Wednesday.
The transaction is expected to be completed within the second half of 2015, subject to conditions under the merger of Holcim and Lafarge and approval of the global sale of Lafarge assets, it said.