Shearman & Sterling is advising HeidelbergCement on the sale to an affiliate of Lone Star Funds of its North American (excluding Western Canada) and United Kingdom building products business (collectively “Hanson Building Products”) for an aggregate purchase price of US$1.4 billion, of which up to $100 million will be payable in 2016, depending on the performance of the business in 2015. The closing is subject to the satisfaction of customary closing conditions. HeidelbergCement expects the transaction to close in the first quarter of 2015.
HeidelbergCement is the global market leader in aggregates and a prominent player in the fields of cement, concrete, and other downstream activities, making it one of the world’s largest manufacturers of building materials. The company employs some 51,000 people at 2,500 locations in more than 40 countries. Hanson Building Products is a leading manufacturer of concrete pressure and gravity pipes in North America, as well as one of the largest brick producers in North America and the UK. The business employs a staff of 4,621 and has an extensive network of 107 manufacturing plants and 11 distribution facilities in the USA, Eastern Canada and the UK.
The Shearman & Sterling team includes partners Stephen Giove (New York-Capital Markets), Clare O’Brien (New York-Mergers & Acquisitions), Alfred Kossmann (Frankfurt-Mergers & Acquisitions), and Jeremy Kutner (London-Mergers & Acquisitions), along with partners John Cannon (New York-Compensation, Governance & ERISA) and Douglas McFadyen (New York-Tax) and associates Christine Kim (New York-Capital Markets), Adam Samarillo (New York-Mergers & Acquisitions), Martin Schmidt (Frankfurt-Capital Markets), Bob Xiong (New York-Capital Markets), Danielle Assad (New York-Mergers & Acquisitions), Aselle Kurmanova (New York-Mergers & Acquisitions) and Ali Hassanali (New York-Corporate).