Brazil's CSN agrees to sell cement unit to China's Huaxin, valuing business at $2.3 billion

By Reuters News19 hours ago Updated

BRASILIA, Nov 8 (Reuters) - Brazil's CSN said on Sunday it had signed an agreement a day earlier to sell its cement unit, CSN Cimentos, to China's Huaxin in a deal valuing the business at 12.7 billion reais ($2.31 billion) on an enterprise-value basis.

In a securities filing, the steelmaker said the transaction marked an important step in its strategy to reduce debt and optimize its capital structure.

The deal is subject to customary closing conditions, said CSN, including approval from Brazil's antitrust regulator Cade, prior consent from power regulator Aneel and applicable Chinese regulatory approvals.

($1 = 5.5053 reais)

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