TozziniFreire advises CSN on sale of cement assets to China’s Huaxin
TozziniFreire advised Companhia Siderúrgica Nacional (CSN) on the sale of shares issued by CSN Cimentos Brasil S.A. to Huaxin Building Materials Group Co., Ltd., a Chinese group listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange. The agreement was signed on November 7, 2026, and provides for an enterprise value of BRL 12.7 billion. The transaction is regarded as the largest in the history of Brazil’s cement sector and involves the country’s second-largest company in the industry. The transaction was conducted through a competitive process and, in its final stage, required simultaneous negotiations with two potential buyers, including parallel negotiations of the respective share purchase agreements and ancillary instruments. The structure also provides for a carve-out of assets outside the scope of the sale, between signing and closing. TozziniFreire’s team also advised on the negotiation of agreements required for the company’s transition and operational separation from the seller’s group. Closing is subject to approval by CADE and ANEEL, as well as the relevant authorizations in China. The transaction was handled by partners Leonardo Miranda, Carlos Barbosa Mello and Cauê Jorge de Almeida, together with attorneys Vitor Primo Ribeiro, Pedro Raposo Ferreira, Luis Pedro Matos França, Maria Fernanda Seba Rahe, João Gabriel Rainha Braga and Giovana Vitor Dantas.