Acquisition closed

Buzzi acquires Cimento Nacional (2024)

Buzzi completed the acquisition of Cimento Nacional on 3 October 2024 for €300 million.^[1][2]

This is the step that made Cimento Nacional a wholly owned Buzzi business, completing a story that started with a 50/50 joint venture and a bolt-on acquisition. Buzzi entered Brazil in November 2018 by taking a 50% stake in the holding company then called BCPAR (later NCPAR), alongside Grupo Ricardo Brennand; in April 2021 that jointly owned vehicle, Companhia Nacional de Cimento, bought CRH group's Brazilian cement business (see buzzi-acquires-cnc-2021), while Buzzi's own stake in the venture stayed at 50%. On 17 May 2024 Buzzi announced that Grupo Ricardo Brennand had exercised a put option under their existing agreements for its remaining 50% of NCPAR, with the investment estimated at EUR290-310 million pending Brazilian real exchange rates and clearance from Brazil's antitrust authority CADE. The purchase completed on 3 October 2024 for a price Buzzi's own release puts at "approximately EUR 300.0 million," funded from available liquidity; Buzzi's release states plainly that it "now holds 100% control of NCPAR." That closing is also the point at which Cimento Nacional moved in Buzzi's accounts from joint-venture treatment to full consolidation as a subsidiary, which is why the brand is recorded elsewhere in this dataset as wholly owned by Buzzi rather than as a 50% joint venture.