The transaction is expected to close in 2025, subject to regulatory approvals, Holcim's statement said.

The deal aligns with Holcim's strategy to streamline its portfolio and focus on high-growth regions, including the coming spin-off of its North American business, which remains on track for a United States (US) listing in the first half of 2025.

Holcim has focused on sustainable growth in its core markets, higher-margin products and strategic infrastructure investments. It is also seeking to improve its environmental credentials and in September took a stake in Sublime Systems, a US tech start-up working on low-carbon cement.

In October Holcim reported a slightly better than expected, opens new tab recurring operating profit of 1.67 billion Swiss francs ($1.90 billion) for the third quarter.

--Reuters--