Global building materials giant CRH has received approval to proceed with its planned acquisition of Adbri, an Australian concrete manufacturer.  

This strategic acquisition, which has now been approved by Adbri’s independent shareholders and the country’s court, marks a major consolidation in the industry. 

The deal, which was first announced in December 2023, involves a partnership between CRH and Barro Group, an Australian family-owned business that holds approximately 43% of Adbri.  

Following a two-month due diligence process, the parties reached a binding agreement in February. 

Under the terms of the scheme of arrangement, CRH will acquire the remaining 57% of Adbri’s ordinary shares not already owned by Barro for A$3.20 ($2.10) per share.   

The agreed cash price values Adbri at an equity valuation of A$2.1bn on a 100% basis. 

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CRH chief executive Albert Manifold said: “We are pleased to receive independent Adbri shareholder and court approval for the proposed acquisition of Adbri in partnership with the Barro family.  

“Adbri is an attractive business with high-quality assets and leading market positions that complement our core competencies in cement, concrete and aggregates while creating additional opportunities for growth and development for our existing Australian business.  

“We look forward to working with the Barro family over the coming years to enhance the long-term growth and performance of Adbri.” 

The acquisition, which has already secured approval from Australia’s Foreign Investment Review Board (FIRB), is expected to be completed by 1 July 2024.

Upon completion, Adbri will be delisted from the Australian Securities Exchange.