First publishedon www.AggBusiness.com
Bankers are said to be working on debt financings in excess of €1bn to back a potential sale of CRH's European distribution arm as bidders prepare second round bids. Pictured is CRH's Hoghiz cement plant in Romania pic: CRH
Bankers are working on debt financings in excess of €1 billion to back a potential sale of Irish building materials group heavyweight CRH
’s European distribution arm as bidders prepare second round bids, according to Reuters news agency
Dublin, Ireland-headquartered CRH hired Bank of America Merrill Lynch earlier this year to run a sales process of the unit, which has an estimated value of €2 billion, the sources said.
Second round bids in an auction process are due by July 12 after first round bids were submitted on May 20, the sources told Reuters.
A number of sponsors have been linked to the division including Advent, Apollo, Bain, Blackstone, CVC, CD&R, EQT and Lonestar. Bankers are being informed who is through to the next round.