Saint-Gobain announced it has entered into a definitive agreement with CSR Ltd to acquire all of the outstanding shares of CSR by way of an Australian scheme of arrangement for $9 per share, in cash, corresponding to an enterprise value of $4.5 billion and a net enterprise value of $3.2 billion.
CSR is a building products company in Australia for residential and non-residential construction with $2.7 billion in total revenue, 30 manufacturing plants and around 2,500 employees.
CSR is an opportunity for Saint-Gobain to establish a presence in the Australian construction market. This acquisition is a decisive step to strengthen its presence in the markets in the Asia-Pacific region.
CSR's board of directors unanimously recommended that its shareholders vote in favor of the transaction. Closing of the transaction is subject to, among other things, CSR’s shareholders’ approval, necessary regulatory approvals and satisfaction of other customary closing conditions, with closing expected in the second half of 2024. This acquisition will be fully financed in cash and is aligned with Saint-Gobain’s financial criteria.
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