Russia: Holdings company Smikom has won the auction to buy Eurocement from Sberbank. RBC News has reported the value of the deal as Euro2.1bn. Smikom, formerly known as BaselCement, will acquire a 100% share of Cyprus-based GFI Investments, which controls Eurocement Group. The final terms of the deal are still being agreed, according to sources quoted by the Russia-based media group. Neither Sberbank nor SmiKom have commented on the matter.
Sberbank acquired a 100% stake in GFI Investment in November 2020 following an increase in its debts in mid-2020. An electronic auction process for company then started in February 2021.
Eurocement is the largest cement producer in Russia operating 10 plants domestically and abroad.
