16th Jul 2019 08:37
(Alliance News) - Irish building materials firm CRH PLC said on Tuesday it has agreed to sell its European distribution business to asset managers Blackstone Group Inc.
The EUR1.64 billion all-cash deal will see CRH part ways with its entire European builders merchants business, which had a presence in six different countries in the continent.
In 2018, the business being sold by CRH made a pretax profit of EUR124.0 million.
CRH said the decision to sell its European distribution unit was part of a "strategic review which considered all options to maximise value for shareholders".
Chief Executive Albert Manifold said: "The transaction announced today demonstrates the continued execution of CRH's strategy of creating value for our shareholders through active portfolio management, the efficient allocation of capital and creating a simpler and more focused group going forward."
The deal is still subject to regulatory approval.
Shares in CRH rose 0.8% to 2,672.00 pence each in London on Tuesday morning.
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