HCMLY - Adani to acquire Holcim's India business

Holcim (OTCPK:HCMLY) signed a binding agreement for the Adani to acquire its business in India, comprising its 63.11% stake in Ambuja Cement, which owns a 50.05% interest in ACC, as well as its 4.48% direct stake in ACC. The corresponding offer share prices of INR 385 for Ambuja Cement and INR 2,300 for ACC translate into cash proceeds of CHF 6.4B for Holcim. Since entering India in 2005, Holcim has established a track record of sustainable value creation with strategic investments ranging from new best-in-class plants to green technologies such as heat recovery systems. "In the last 12 months, we have invested CHF 5B in Solutions & Products as a new growth engine for the company, while continuously pursuing bolt-ons in aggregates and ready-mix concrete," CEO Jan Jenisch commented. The transaction is expected to close in 2H22.

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Adani to acquire Holcim's India business