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Allen & Overy advises the lenders on the acquisition financing on largest M&A deal in the Philippines cement industry


22 May 2019

Allen & Overy has advised the mandated lead arrangers and underwriters comprising Standard Chartered Bank, DBS, Mizuho, MUFG and SMBC on an acquisition facility for San Miguel Corporation (SMC).  The financing facility will be used by SMC to acquire 85.7% of Holcim Philippines, Inc. (HPI), a cement producer  listed on the Philippines Stock Exchange, from certain existing shareholders and for a tender offer to acquire the remaining 14.27%  issued and outstanding  capital stocks held by the minority shareholders.

HPI’s total enterprise value is USD2.15 billion. The closing of the deal is subject to the customary closing conditions and the approval by the Philippine Competition Commission. 

This deal marks the completion of LafargeHolcim’s exit from Southeast Asia and follows on from A&O’s role advising lenders in relation to the acquisition of LafargeHolcim’s Indonesian business by PT Semen for USD1.75 billion in late 2018. 

Partner Gautam Narasimhan commented, “The financing for this acquisition by SMC is an example of the increasing number of intra-Asia acquisition financings that we’ve seen in the market. Acting on this deal underscores the strength of our banking practice having advised on many of the highest value leveraged acquisitions in the Asia Pacific region.” 

The deal was led by partner Gautam Narasimhan with support from associate Matthew Del Rosso.

For further information, please contact Madhu Mirpuri (​) on +852 2974 7377.




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