Irish building materials supplier CRH announced it will sell its European distribution business to private equity funds managed by Blackstone.
The European business, which supplies roof tiles, sanitary heating and plumbing to a network of builders, will be sold for €1.64bn, including net debt.
Proceeds will be used for future acquisitions and to fund the FTSE 100 company’s share buyback programme, according to the company.
CRH has spent decades building scale through numerous, bolt-on acquisitions. Current chief executive, Albert Manifold, has spent over €10bn on acquisitions since he took over in 2014.
Full Content: Financial Times