Squire advises AFI Popular in $950M Cemex Dominicana acquisition

Squire Patton Boggs has advised Administradora de Fondos de Inversión Popular (AFI Popular), a subsidiary of Grupo Popular, through its Fondo Cerrado de Desarrollo de Sociedades Popular, along with a portfolio of other strategic Dominican partners, in their joint venture with Cementos Progreso Holdings, to acquire the operations of Cemex Dominicana. The transaction, valued at approximately $950 million, marks a significant milestone in the sector.

The acquired operations in the Dominican Republic represent one of the most notable deals in the region and include a cement plant with two integrated production lines, as well as related assets in cement, concrete, and aggregates, along with maritime terminals. Additionally, the transaction covers export businesses to Haiti.

For Cementos Progreso, this acquisition significantly expands its footprint in the region, consolidating operations in eight countries and providing access to a growing market within one of the Caribbean’s most dynamic economies. For Dominican investors, the transaction strengthens their strategy of participating in highly profitable companies with strong growth potential, thereby contributing to the country’s economic and social development.

The legal team advising on the transaction was led in Spain by partner Ramón Castilla, with support from senior associate Laura Gómez, and in the Dominican Republic by partners Alejandro Peña-Prieto and Awilda Alcántara, with additional support from Of Counsel George Spence.