Spanish cement giant Molins has reached an agreement with Portuguese conglomerate Semapa to buy its entire stake in cement maker Secil for an enterprise value of 1.4 billion euros ( $1.63 billion). The deal, which is expected to close in the first quarter of 2026, marks a key breakthrough in Molins' growth strategy and marks the official exit of Semapa from its lucrative cement business.
The acquisition is doubly strategic for Molins. On the one hand, the transaction will significantly expand Molins' presence in its home market in Europe, and on the other hand, it will have more long-term value as Molins completes its global footprint by entering the Brazilian market for the first time and filling its last large market gap in Latin America. Marcos Serra, CEO of Molins, said that Secil has a solid international business foundation and a deep industrial culture of family enterprises. These values are highly compatible with Molins. The combination of their advantages will shape a more diversified and resilient growth model, while strengthening their commitment to circular economy and low-carbon solutions. Founded in 1930, Secil operates in Portugal and seven other countries (Spain, Angola, the Netherlands, Brazil, Tunisia, Lebanon and Cape Verde), with an annual production capacity of more than 9 million tons and a total of 2900 employees.
For Semapa, the divestiture of Secil is an important step in an established portfolio management strategy aimed at supporting industrial diversification and pursuing long-term value creation. Ricardo Pires, CEO of Semapa, stressed that despite Secil's historical roots, the sale is a strategic move to enhance Semapa's investment and innovation capabilities and accelerate the strategic transformation that has been implemented. The proceeds from the transaction will be used for reinvestment within the established strategic framework and to consolidate the competitive position of the Group in other business sectors. Shares in Semapa jumped 25% to 21.25 euros on the Lisbon bourse after the announcement, which drew positive comments from the market.
The transaction will be funded by a combination of Molins' existing cash, a syndicated credit line and proceeds from the bond issue. The entire transaction is subject to normal regulatory approvals and contractual conditions. To ensure the deal went through, Molins hired JPMorgan Chase and KPMG as financial advisers, Ur Uría Men Menéndez to provide legal services, and Deloitte to conduct due diligence on financial, tax, legal and labor matters.
On the whole, the transaction has achieved a win-win situation. Molins gained access to quality assets and strategic markets, Semapa gained access to the capital needed to transform and drive share price revaluation, and Secil was able to join a family business group with global influence to provide a better platform for its long-term development. After the completion of the transaction, Molins will integrate Secil's operational experience in many emerging markets and further consolidate its leading position in the field of high-value, low-carbon cement solutions, while Semapa can focus more on other core businesses and the cultivation of new growth curves.
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