Heidelberg Materials to Acquire U.S. Giant Cement Holding for $600 Million

Heidelberg Materials announced that Mexican billionaire Carlos Slim has reached an agreement with its Spanish cement and real estate unit, Inmocemento, to acquire US-based Giant Cement Holding and its subsidiaries for $600 million. The acquisition, expected to be completed in the first quarter of 2025, will contribute approximately $60 million to Heidelberg's earnings before interest, tax, depreciation, and amortization (EBITDA) in its first year of operations. Inmocemento will recognize a capital gain of $145 million from this sale.