Sorainen as local counsel advised CEMEX, a leading global building materials company, on the sale of its activities in Scandinavia and the Baltic states to Schwenk, a building materials group headquartered in Ulm, Germany. The purchase price is approx EUR 340 million.
In Latvia, Schwenk is taking over a cement production plant with a production capacity of around 1.7 million tonnes, several quarries and ready-mixed concrete plants as well as a marine terminal. The sale also includes CEMEX’s export business to Estonia and CEMEX’s indirect equity interest in a cement plant in Lithuania with a production capacity of around 1.8m tonnes. In Finland, Norway and Sweden CEMEX is selling import terminals to Schwenk.
Transaction closing is expected to take place in 1Q 2019. The deal is subject to the usual conditions, including clearance by the antitrust authorities.
Sorainen’s role was to ensure compliance of the transaction with Latvian law requirements concerning Cemex Latvian subsidiaries. The project was led by country managing partner Eva Berlaus with senior associate Renate Purvinska.
Noerr acted as lead counsel in the transaction. Other local counsel were: Primus Derling; Hannes Snellmann; Wiersholm; and Houthoff.
