World · Sri Lanka Bureau
Arcasia, ATX Partners to jointly acquire Industrial Asphalts for Rs1.5bn
The two investment firms will each purchase an equal 50 percent stake in the company under a binding agreement. The transaction values Industrial Asphalts at Rs1.5 billion.
LSN Sri Lanka ·
Arcasia and ATX Partners have announced plans to jointly acquire Industrial Asphalts in an equal partnership arrangement, with the transaction valued at Rs1.5 billion. Under the terms of the purchase agreement, each investor will acquire 50 percent of the total shares tendered in the buyout.
The equal stake structure indicates a collaborative approach by both firms to take control of the company. Industrial Asphalts, a key player in Sri Lanka's asphalt and bitumen sector, will come under joint ownership of the two investment entities.
The transaction represents significant activity in Sri Lanka's industrial and construction materials sector, where demand for asphalt products remains tied to ongoing infrastructure development across the country. Details regarding the transaction timeline and completion conditions were not immediately disclosed.
Both Arcasia and ATX Partners have established track records in acquiring and managing industrial assets in South Asia, with the joint acquisition enabling both firms to expand their portfolio in Sri Lanka's manufacturing sector.