CRH Sells European Distribution Business for Good Price; Slight Increase to FVE
On July 16, CRH announced the sale of its European distribution business to Blackstone for EUR 1.6 billion in cash. After accounting for year-to-date portfolio changes, the European distribution business generated EUR 3.7 billion in sales and EUR 155 million in EBITDA.We think CRH received slightly above fair value for the asset sale, slightly offset by a stronger U.S. dollar since our last update. Having updated our model to reflect these changes, we’ve raised our fair value estimates to $36 a...
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