Holcim Details S/ 210M Price Adjustments in Pacasmayo Acquisition
CPAC sits 94% above its 52-week low of $6.25.
Summary
Holcim disclosed the exact breakdown of S/ 210 million in price adjustments in its Pacasmayo acquisition: S/ 169.7 million for ASPI's bank debt and S/ 40.3 million for excess transaction expenses. The adjustments do not reduce the S/ 1,850 million economic value attributed to Pacasmayo.
Key Events · M&A and Partnerships · CPAC
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Exact Price Adjustment Breakdown Disclosed
Holcim confirmed the S/ 210,042,776 in deductions from the S/ 1,850,370,000 Purchase Price consisted of S/ 169,709,810 for the Banco de Crédito del Perú loan to ASPI and S/ 40,332,966 for excess transaction expenses.
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Final Purchase Price Confirmed
The Final Purchase Price paid to ASPI sellers was S/ 1,640,327,224.69, matching the amount previously reported in the May 22, 2026 Material Fact notice.
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Enterprise Value and Equity Value Stated
Holcim stated the Enterprise Value of CPAC was USD 1,500 million (approximately S/ 5,100 million) and the Equity Value was S/ 3,700 million for 100% of CPAC shares.
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Adjustments Not Related to Pacasmayo's Economic Value
Holcim confirmed the minority shareholders' view that the S/ 210 million in adjustments related to ASPI's balance sheet items, not a reduction in the S/ 1,850,370,000 economic value attributed to the 50.01% stake acquired.
Analysis · CPAC · Manufacturing
The precise breakdown of the S/ 210 million difference between the agreed Purchase Price and the Final Purchase Price in Holcim's acquisition of control of Cementos Pacasmayo has now been provided. The deductions comprise S/ 169.7 million for a Banco de Crédito del Perú loan to ASPI secured by Pacasmayo shares, and S/ 40.3 million for excess transaction expenses. This confirms that minority shareholders' estimates were close but not exact, and clarifies that the adjustments relate to ASPI's balance sheet items rather than any reduction in the economic value attributed to Pacasmayo itself. The disclosure matters because it directly affects the minimum price calculation for Holcim's pending tender offer for the remaining shares.
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At the time of this filing, CPAC was trading at $12.12 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $6.25 to $12.70. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.