CRH to Sell Envelope Business for Enterprise Value of $3.8 Billion
February 28 2022 - 4:42AM
Dow Jones News
By Ian Walker
CRH PLC said Monday that it has agreed to the sale of its
Building Envelope business to KPS Capital Partners LP for an
enterprise value of $3.8 billion, just minutes after confirming it
was in talks to sell the business.
The Irish building-materials supplier said that the sale follows
a "comprehensive review" of the business. It added that the money
raised from the sale would be used toward "value-enhancing capital
expenditure, value-accretive acquisitions and cash returns to
shareholders."
Less than 30 minutes earlier, the company said it was in talks
over the potential sale of the business and that further updates
would be provided as appropriate.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
February 28, 2022 04:27 ET (09:27 GMT)
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