Source - SMW
Building materials group said CRH it had reached an agreement to sell its Europe distribution business to private equity funds managed by Blackstone for an enterprise value of €1.64bn.

This divestment followed a comprehensive strategic review of the business over the last several months which considered all options to maximise value for shareholders, the company said.  'It concludes the exit from our distribution businesses across the Group, creating a simpler and more focused business,' it added.

The proceeds from the divestment would be used for general corporate purposes, value creating acquisitions and capital returns to shareholders through our ongoing share buyback programme.