CEMEX, S. A. B. de C. V., one of the leading producers of aggregates, ready-mix concrete and concrete pipe in Australia, has entered into an agreement to sell its Australian operations to Holcim Group, for approximately A$ 2.02 billion.

CEMEX's Australian assets, which are expected to be divested soon, consist of 249 ready-mix concrete plants, 83 aggregates quarries and 16 concrete pipe and products plants - a total of 348 facilities located throughout Australia.

However, the deal is subject to fulfillment of various closing conditions, including confirmatory due diligence, regulatory approvals and funds from buyer financing being disbursed, among others.

The latest move is considered by market analysts as a part of CEMEX's overall strategy to improve its financial flexibility. The maximum time period, to meet all closing conditions of the deal is 6 months.

BBVA, BNP Paribas, Citi, HSBC, Santander and The Royal Bank of Scotland, are financial advisors to CEMEX in this transaction.