Squire Patton Boggs has advised Administradora de Fondos de Inversión Popular (AFI Popular), a subsidiary of Grupo Popular, as well as a portfolio of other Dominican strategic partners who partnered with Cementos Progreso Holdings, S.L., a leader in the regional cement and construction materials industry, to acquire the operations of Cemex Dominicana. The transaction, valued at approximately US$950 million, represents an industry milestone.
The acquired operation in the Dominican Republic is one of the largest in the region and includes a cement plant with two integrated production lines, as well as related assets in the cement, ready-mix and aggregates segments and marine terminals. In addition, the transaction includes the export business to Haiti.
For Cementos Progreso, this acquisition significantly expands its presence in the region, consolidating operations in eight countries and allowing it to enter a growing market in one of the most dynamic economies in the Caribbean. For the Dominican investors, the transaction reinforces their strategy of participating in companies with proven profitability and high growth potential, thus contributing to the economic and social development of the country.
The Squire Patton Boggs team advising on the transaction was led in Spain by partner Ramón Castilla, with the support of senior associate Laura Gómez, and from the Dominican Republic by partners Alejandro Peña-Prieto, Awilda Alcántara, and of counsel George Spence.