LafargeHolcim announced last month that it signed an agreement with investment firm Inversiones Caburga Limitada, part of the Hurtado Vicuña Group, for the divestment of its majority-held Chilean business Cemento Polpaico.

Inversiones Caburga agreed to purchase LafargeHolcim’s 54.3 percent stake for an enterprise value of approximately CHF 220 million ($225.8 million) via a public tender offer. The offer will be extended to all shareholders of Cemento Polpaico. The launch of the public tender offer is subject to the approval of the Chilean competition authorities, which is expected for the first half of 2017.

Cemento Polpaico operates one integrated plant and two grinding plants with an annual cement capacity of 2.3 million tonnes. The company is also a leading ready-mix concrete producer operating 25 plants. Following the successful divestment of Cemento Polpaico, LafargeHolcim said it would exit Chile completely.