Brazil's CSN agrees to sell cement unit to China's Huaxin, valuing business at $2.3 billion
SID•CSN agreed to sell its cement unit, CSN Cimentos, to China's Huaxin in a deal valuing the business at 12.7 billion reais ($2.31 billion) on an enterprise-value basis. The transaction is subject to regulatory approvals and other closing conditions.
1. Sale agreement
CSN said it signed an agreement to sell CSN Cimentos to Huaxin. The deal values the business at 12.7 billion reais ($2.31 billion) on an enterprise-value basis.
2. Approvals required
The transaction is subject to customary closing conditions, including approval from Brazil's antitrust regulator Cade, prior consent from power regulator Aneel and applicable Chinese regulatory approvals. CSN said the deal is an important step in its strategy to reduce debt and optimize its capital structure.
