Overview
- Holcim agreed to buy 50.01% of Cementos Pacasmayo by acquiring Inversiones Aspi from Grupo Hochschild.
- The valuation implies roughly 8.8x 2025 consensus EBITDA, or 7.1x when factoring about $40 million in annual synergies by year three.
- Holcim says the transaction will be accretive to earnings per share and free cash flow from year one and will improve return on invested capital by year three.
- Cementos Pacasmayo shares jumped about 57% after the announcement, with an implied control price near S/8.44 per share, an 88% premium, according to Kallpa SAB.
- The deal remains subject to Indecopi review and customary conditions, and local rules would require a follow‑on tender offer for minority shareholders once control changes.