Holcim, the Swiss cement conglomerate, has entered into an agreement to purchase Inversiones Aspi, the Hochschild Group vehicle that holds 50.01% of Cementos Pacasmayo S.A.A. (CPAC). The transaction values the stake at S/5,100 million (approximately USD 1.5 billion on a 100% basis, including debt) and is expected to close in the first half of 2026.
The deal is priced at nine times CPAC’s twelve‑month EBITDA ending September 2025, a multiple that reflects the company’s record earnings performance during that period. CPAC’s EBITDA for the 12‑month period was S/549.3 million, up 14% from the previous year, and the valuation multiple is slightly lower than the 8.8x market‑consensus EBITDA multiple, indicating a premium that rewards CPAC’s strong profitability and market position.
Holcim’s acquisition aligns with its NextGen Growth 2030 strategy, which prioritizes expansion in Latin America. By adding CPAC, Holcim gains a significant foothold in Peru’s northern cement market, where CPAC is the second‑largest producer and commands a 22.83% national share. The purchase also complements Holcim’s 2024 entry into Peru, which included the acquisition of Comacsa and Mixercon, and positions the company to leverage synergies of up to USD 40 million in run‑rate EBITDA by year three.
CPAC operates three cement plants with a combined capacity of roughly 5 million tonnes per year, 28 ready‑mix and precast concrete plants, and over 300 DINO retail stores. The company’s 2025 net sales are projected at USD 630 million, with an EBITDA margin of 28%. Holcim expects the transaction to be EPS and free‑cash‑flow accretive in year one and ROIC accretive in year three, underscoring the financial upside for both parties.
Management welcomed the deal. CPAC’s president highlighted the company’s legacy, strong market position, and the opportunity to join a global leader, while Holcim’s CEO Miljan Gutović emphasized the strategic fit and the potential to accelerate growth in Latin America. The announcement was met with a sharp market reaction, with CPAC’s shares surging in pre‑market trading and Holcim’s shares rising modestly, reflecting investor confidence in the premium and the strategic rationale.
The transaction is subject to regulatory approvals, including from Peru’s antitrust regulator INDECOPI. Once approved, Holcim may pursue a subsequent offer to acquire additional shares, potentially increasing its stake beyond the initial 50.01%. The deal represents a significant consolidation in Peru’s cement industry and is expected to strengthen Holcim’s competitive position in the region.
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