Arias, Fábrega & Fábrega successfully advised Cemex in connection with the sale of its operations in Panama to Grupo Estrella for approximately US$200 million. The transaction in Panama includes the operations of the Cemento Bayano plant, which has two integrated production lines, as well as all related cement, ready-mix, and aggregates assets.

This divestment marks a strategic step for Cemex as part of its ongoing efforts to rebalance its portfolio. In parallel, Cemex has increased its equity interest in Couch Aggregates, a key player in the aggregates industry in the southeastern United States, achieving a majority stake and expanding the strategic alliance originally announced in July 2024.

The transaction, the largest of its kind in the industry sector, also ranks among the largest and most complex M&A transactions in general that have taken place in Panama in 2025.  

“These transactions are important building blocks in our strategy to rebalance our portfolio and continue investing in growth in priority markets,” said Jaime Muguiro, CEO of Cemex.

From a credit analysis perspective, the transaction delivered liquidity to Cemex, crystallized value at an attractive multiple, and dovetailed with a strategic reinvestment in U.S. aggregates that, in the near term, substantially offsets the EBITDA loss from the Panama divestment.  For its scale, design, and execution, this deal stands out as one of the most relevant and complex industrial-sector transactions in Panama during 2025 and as a market reference for structuring industrial carve-outs executed simultaneously with concession-based assets.