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)

Copyright (c) 2022 Dow Jones & Company, Inc.
CRH (NYSE:CRH)
Historical Stock Chart
From May 2022 to Jun 2022 Click Here for more CRH Charts.
CRH (NYSE:CRH)
Historical Stock Chart
From Jun 2021 to Jun 2022 Click Here for more CRH Charts.