Freshfields advises Holcim Group on sale of its Philippines business to Huaxin Building Materials

Global law firm Freshfields is advising longstanding client Holcim Group on the sale of its Philippines business, Holcim Philippines Inc., to Huaxin Building Materials, for an enterprise value of USD 780 million. The Transaction involves the initial sale of a c. 67.6% stake in the Business with a contemplated second tranche sale of Holcim’s remaining c. 31% stake.

Holcim, headquartered and listed in Switzerland, is a construction company and materials supplier which operates across Europe, Latin America, Asia, the Middle East and Africa. Huaxin is Chinese headquartered cement manufacturing company which is listed on the Shanghai and Hong Kong stock exchanges. 

Freshfields also previously advised Holcim on the sale of its Nigerian business to Huaxin, which closed in 2025.

The Freshfields team is led by partner Rhys Evans and associates Quinn Angus and Lily Hilton in London, and partner Alan Wang in Shanghai. Capital markets advice was provided by Silvia Gong and Murphy Li from RuiMin LLP and David Yi in Hong Kong.  Antitrust advice was provided by Ninette Dodoo. Tax advice was provided by Emily Szasz, Eelco van der Stok and Bob van Kasteren.

The sale of Holcim’s initial stake is subject to customary and regulatory approvals and is expected to complete in the first half of 2027.

Further information on the transaction can be found here.