AFI Popular Joins Forces in $950 Million Cemex Dominicana Acquisition
Deal News | Feb 06, 2025 | Iberian Lawyer
Administradora de Fondos de Inversión Popular (AFI Popular), a subsidiary of Grupo Popular, has collaborated with Cementos Progreso Holdings to acquire Cemex Dominicana's operations, a transaction valued at $950 million. This deal represents a significant development in the Dominican Republic's cement and aggregate market, as it includes a cement plant, maritime terminals, and businesses exporting to Haiti. The acquisition enables Cementos Progreso to enhance its operational presence across eight countries and tap into one of the Caribbean's growing economies. Dominican investors see this as an opportunity to engage with lucrative companies that promise economic growth and contribute to the country's development. Legal advice for the transaction was provided by Squire Patton Boggs, with a legal team led by Ramn Castilla, which included members from Spain and the Dominican Republic.
Sectors
- Construction Materials
- Private Equity
- Legal Advisory
Geography
- Dominican Republic – The operations acquired and significant business activities are located in the Dominican Republic, which is central to the deal.
- Spain – The legal team from Squire Patton Boggs involved key partners in Spain, indicating the cross-border nature of legal collaboration.
Industry
- Construction Materials – The acquisition involves operations related to cement production, concrete, aggregates, and maritime terminals, which are core to the construction materials sector.
- Private Equity – AFI Popular, as a private equity-style investor, is engaging in strategic investments, indicative of activity within the private equity and investment management industry.
- Legal Advisory – Squire Patton Boggs, a legal advisory firm, provided crucial legal support and guidance, marking its significance in the legal sector pertaining to mergers and acquisitions.
Financials
- 950,000,000 – The total value of the acquisition deal for Cemex Dominicana's operations.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AFI Popular | Bidding Company | Company | A subsidiary of Grupo Popular involved in private equity investments. |
| Cementos Progreso Holdings | Acquirer | Company | A company operating in the cement industry, seeking to expand its regional presence. |
| Cemex Dominicana | Target Company | Company | The operations being acquired in this $950 million transaction. |
| Squire Patton Boggs | Legal Advisor | Company | International law firm providing legal advisory services for the transaction. |
| Ramn Castilla | Partner | Person | Partner at Squire Patton Boggs leading the legal team in Spain. |
| Laura Gmez | Senior Associate | Person | Senior associate at Squire Patton Boggs providing legal support in Spain. |
| Alejandro Pea-Prieto | Partner | Person | Partner at Squire Patton Boggs leading the legal team in the Dominican Republic. |
| Awilda Alcntara | Partner | Person | Partner at Squire Patton Boggs providing legal support in the Dominican Republic. |
| George Spence | Of Counsel | Person | Of Counsel at Squire Patton Boggs offering additional legal guidance. |