Linklaters and Schoenherr advise Holcim on EUR 1.85 Billion Acquisition of Xella.

Linklaters advised Holcim on its proposed acquisition of Xella, a European market leader in sustainable and innovative walling systems, from US-based private equity investor Lone Star. The transaction value amounts to EUR 1.85 billion.

The transaction was signed on 20 October 2025 and completion is expected in the second half of 2026, subject to customary conditions and regulatory approvals. It marks a major step in Holcim’s NextGen Growth 2030 strategy to shape the future of sustainable construction. With the acquisition of Xella, Holcim expands its building solutions segment and strengthens its offering in the EUR 12bln+ walling market. Xella brings premium brands such as Ytong, Silka, Hebel and Multipor to Holcim’s portfolio, as well as expertise in digitally supported construction processes through proprietary platforms blue.sprint and Building Companion.

Based in Duisburg, Germany, Xella operates in 21 European markets and employs more than 4,000 people. The transaction is expected to be earnings per share (EPS) and free cash flow accretive in the first year, with run-rate EBITDA synergies of EUR 60m anticipated by year three, at which point it is also projected to be return on invested capital (ROIC) accretive.

Holcim (SIX: HOLN), headquartered in Zug, Switzerland, is a global leader in sustainable construction, with net sales of CHF 16.2bln in 2024 and more than 48,000 employees across 45 markets worldwide.

The consummation of the acquisition is subject to customary conditions and regulatory clearances and is expected for H2 2026.

The Linklaters team is led by Marco G. Carbonare (Partner, Corporate/M&A, Frankfurt), Martina Farkas (Partner, Corporate/M&A, Munich), Dominic da Gama Campos (Partner, Corporate/M&A, London), Christoph Barth (Partner, Antitrust & Foreign Investment, Düsseldorf) and Dominik Wegener (Managing Associate, Corporate/M&A, Munich).

Schoenherr advised Holcim Group, a leading global provider of sustainable construction solutions, on its EUR 1.85bln acquisition of Xella, a European leader in sustainable and innovative walling systems. Acting as local counsel alongside lead counsel Linklaters, Schoenherr’s comprehensive legal advisory covered 11 jurisdictions across CEE, including Austria, Bosnia & Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Romania, Serbia, Slovakia and Slovenia. The cross-border Schoenherr team advising Holcim was led by Michael Marschall (partner) and Lukas Pirringer (attorney at law).