Swiss building materials giant Holcim is expanding its presence in Peru with the planned acquisition of Cementos Pacasmayo, a deal valued at approximately $1.5 billion. The move represents a significant investment in the Peruvian construction sector and builds upon holcim’s rapid expansion in the country over the past year, following previous acquisitions of Comacsa, Mixercon, and Compañía Minera Luren LACASA.The acquisition, announced today, is expected to strengthen Holcim’s position in Latin America and deliver financial benefits beginning in 2026.
Swiss-based building materials giant Holcim has agreed to acquire a majority stake in Cementos Pacasmayo, a leading construction materials producer in Peru. The deal, announced today, expands Holcim’s footprint in the country and accelerates its growth strategy in Latin America.
The transaction values Cementos Pacasmayo at approximately $1.5 billion, based on 100% ownership, representing a multiple of 8.8 times the company’s consensus market EBITDA for 2025. This valuation adjusts to 7.1 times EBITDA when factoring in anticipated annual synergies of $40 million by the third year following the acquisition.
Holcim anticipates the acquisition will be accretive to both earnings per share and free cash flow from the first year, with an expected improvement in return on invested capital by year three. The move aligns with the company’s financial discipline and focus on strategic capital allocation for growth, subject to regulatory approvals and customary closing conditions.
The completion of the deal is currently expected in the first half of 2026.
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Holcim ingreso al mercado peruano el año pasado. Foto: Nathan Howard/Bloomberg
“The synergistic acquisition of Cementos Pacasmayo is fully aligned with our NextGen Growth 2030 strategy to accelerate growth in the Latin America region,” said Miljan Gutovic, CEO of Holcim Group. “This is an opportunity to build on Cementos Pacasmayo’s legacy, based on its performance culture, commitment to its team, and strong brand in Peru. The company generates strong cash flow and has a complementary portfolio of materials and construction solutions.”
This acquisition follows Holcim’s entry into Peru last year with the purchases of Comacsa, a cement and industrial minerals producer, and Mixercon, a ready-mix and precast concrete producer. The move underscores Holcim’s growing interest in the Peruvian construction market.
In April of this year, Holcim further expanded its Peruvian holdings with the acquisition of Compañía Minera Luren LACASA, a producer of specialized materials for construction.
Potential Tender Offer for Minority Shareholders?
According to Kallpa SAB, the transaction – based on a $5.1 billion enterprise value – represents an EV/EBITDA multiple of 9.0x, in line with comparable companies in the region. This valuation translates to an equity value of approximately $3.607 billion, or $8.44 per common share. This is the implicit price Holcim is paying for Cementos Pacasmayo.
This price also represents an 88% premium over yesterday’s closing market price of $4.50 per share. Kallpa SAB added that a change in controlling shareholder would likely trigger a public tender offer for minority shareholders, allowing them to sell their shares under similar conditions to the majority shareholder.
Kallpa SAB anticipates the announcement will positively impact Cementos Pacasmayo’s share price in today’s trading session.
Founded 67 years ago, Cementos Pacasmayo operates in Peru with three cement plants boasting a combined production capacity of around 5 million tons per year, as well as a total of 28 RMX and precast plants.
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The company offers construction solutions and materials, and operates over 300 DINO retail outlets, which would complement Holcim’s Disensa network, a Latin American network of building supply stores. Cementos Pacasmayo’s product portfolio serves the residential, commercial, and infrastructure markets.
Holcim trajo al Perú su marca de ferreterías. Foto: Holcim / referencial
Holcim’s Latin American Presence
Headquartered in Zug, Switzerland, Holcim employs over 45,000 people across 44 strategic markets in Europe, Latin America, Asia, the Middle East, and Africa.
Holcim offers comprehensive building materials and solutions, from foundations and floors to roofs and walls, driven by brands like ECOPlanet, ECOPact, ECOCycle® and Elevate.
In Latin America, Holcim has a presence in Argentina, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Mexico, Nicaragua, Peru, and the French Antilles, and is the company behind trusted brands in the construction sector, including Disensa, PASA, INDAR, Quimexur, Tensolite, Minerales y Agregados, Holcim Modular Solutions, Geocycle, Comacsa, Mixercon, Luren, Horcrisa, among others.
