Cementir Holding N.V. announces that two subsidiaries have entered into a binding agreement with Arkoz Madencilik A.S to divest 100% of the share capital of Kars Cimento AS.
Kars owns an integrated cement plant in Northeastern Turkey, with an annual grey cement production capacity of 0.6 million t.
The transaction has an enterprise value of €51 million on a cash and debt-free basis. Completion is expected by the end of this year, subject to regulatory approvals and customary terms and conditions.
In 2024, Kars generated GAAP revenue of circa €26.9 million and GAAP EBITDA of around €3.9 million. Kars currently employs approximately 90 people.
