Cemex: canary Island asset sale completed

Cemex announced this week that it has completed the previously-announced sale of its Canary Islands operations to several Spanish subsidiaries of Cimpor Cimentos de Portugal SGPS, S.A. for €162 million euros (approximately US$226.8 million dollars), €5 million of which is being held in escrow to cover any price adjustments on account of possible contingencies – in addition to a separate payment for the working capital. Proceeds from the sale will be used to reduce debt. JP Morgan and RBS acted as financial advisors to CEMEX in this transaction.