Squire Patton Boggs has advised Popular Investment Funds Administrator (AFI Popular), a subsidiary of Grupo Popular, through its closed fund of popular societies, as well as a portfolio of other Dominican strategic partners, which were associated with Cementos Progreso Holdings SL, leader in the regional cement industry and construction materials, to acquire the operations of Cemex Dominican. The transaction, valued at approximately US $ 950 million, represents a milestone in the sector.
The operation acquired in the Dominican Republic is one of the most relevant in the region and includes a cement plant with two integrated production lines, as well as related assets in cement, concrete and aggregates segments, as well as maritime terminals. In addition, the transaction covers export businesses to Haiti.
For progress cements, this acquisition significantly expands its presence in the region, consolidating operations in eight countries and allowing it to enter a growing market within one of the most dynamic economies of the Caribbean. For Dominican investors, the transaction reinforces its participation strategy 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 that advised in the operation was led in Spain by the partner Ramón Castilla, with the support of the associate Senior Laura Gómez and from the Dominican Republic by the partners Alejandro Peña-Prieto and Awilda Alcántara, with the support of the of Counsel George Spence.
