HeidelbergCement: sells businesses in US

(CercleFinance.com) - HeidelbergCement shares are up 2% in Frankfurt, after the company announced an agreement to sell its western US operations to Martin Marietta Materials for 2.
3 billion dollars (including present value of 300 million dollars in tax benefits).

This transaction enables the group to simplify its portfolio in North America to further strengthen its position in four other key regions of Canada, the Midwest, the Northeast and the South, Oddo BHF said this morning.

The broker believes that the sale price at an EV/EBITDA multiple of around 15x (i.e. around 13x excluding the present value of tax credits), and therefore says that it seems highly satisfactory.


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