Sonae said Tuesday, May 25, that it has sold 50% of its stake in building materials company Maxmat to a company in the BME Group, owned by its chief investment officer, Blackstone. The deal is expected to generate € 65 million for the Portuguese retailer.
BME, based in the Netherlands, already owns 50% of Maxmat’s capital, so it will be the sole owner of the supermarket chain as of the third quarter of this year, when the operation is expected to be completed.
Sonae SGPS informs that its Sonae MC subsidiary has reached an agreement to sell its 50% stake in Modelo – Distribuição de Materiais de Construção SA (Maxmat) to Cimentos Estrada Pedra SGPS, an entity wholly owned by Building Materials Europe (BME Group) ), Which already holds the remaining 50% of Maxmat’s share capital, “Sonae told in a statement issued to CMVM.
According to Sonai, this deal should allow the company to “strengthen its balance sheet and continue to effectively manage its portfolio.” Sonae MC and BME Group will maintain a close relationship in the future and Maxmat will continue to utilize Sonae MC’s network to support its ambitious expansion plan and enhance the synergies between the two companies. ”
Maxmat, a discount retailer in the DIY, construction and gardening market, currently has 30 stores and over 500 employees. Its turnover last year was 116 million euros.
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