Sonae MC will sell 50% of Maxmat's share capital to the cement company that already owned the remaining 50%.
Sonae has reached an agreement to sell its remaining 50% stake in Maxmat to cement company Cimentos Estrada Pedra, according to a statement sent to the Portuguese Securities and Exchange Commission (CMVM) on Tuesday. The transaction should bring a cash inflow of €65 million to Sonae.
Sonae MC subsidiary Sonae MC will sell its 50% stake in Maxmat to Cimentos Estrada Pedra, “an entity fully ownedd by Bulding Materials Europe (“BME Group”), which already holds the remaining 50% of the share capital” of the company.
The sale of Maxmat, which has a network of 30 shops, with 500 employees and recorded a turnover of €116 million in 2020, “is expected to generate net proceeds of approximately €65 million to Sonae MC.”
This transaction is expected to be completed in the third quarter of this year and, according to Sonae MC, is still subject to the “satisfaction of customary conditions for a transaction of this nature.”
“After a long and successful partnership, Sonae MC and BME Group agreed to the terms of this transaction, which will enable Sonae MC to further strengthen its balance sheet and continue to actively manage its portfolio,” the retailer points out. The companies “will maintain a close relationship going forward, while Maxmat will continue to leverage on Sonae MC’s footprint to support its ambitious growth plan and drive synergies between the parties,” it adds.