Latham & Watkins and SyCip Salazar Hernandez & Gatmaitan have advised San Miguel Corporation (SMC) on its 85.7 percent acquisition of Holcim Philippines, whose total enterprise value is $2.15 billion, from LafargeHolcim, whose legal counsel was Freshfields Bruckhaus Deringer, with Allen & Overy and Picazo Buyco Tan Fider & Santos representing the mandated lead arrangers and underwriters.
This is the biggest M&A deal in the history of Philippine’s cement industry. According to Bloomberg, SMC, through unit First Stronghold Cement Industries, will buy 5.53 billion common shares of Holcim’s local arm – amounting to more than 85 percent – from entities controlled by LafargeHolcim. This deal marks the completion of LafargeHolcim’s exit from Southeast Asia.
San Miguel, the Philippines’ largest company by sales, will conduct a tender offer for Holcim Philippines shares held by minority shareholders who own 14.27 percent of the total capital stock.
The Allen & Overy team was led by Gautam Narasimhan.
The Freshfields team was led by partners Alan Mason, Nigel Gleeson, Peter Clements, Helen Lethaby and Rafique Bachour.
To contact the editorial team, please email ALBEditor@thomsonreuters.com.