CRH said on Friday night that it is going to buy US assets worth about $250m from Mexico's Cemex. Cemex had been required to sell the shares so its $15.3 billion buy of Rinker Group can go ahead.
CRH and Cemex, the world's top building materials company by revenue, said CRH would buy Cemex's ready-mixed concrete and concrete block operations in Florida and its aggregates and ready-mixed concrete operations in Arizona.
Cemex, which has operations in over 50 countries, said it would use the proceeds to reduce its debt.
The US Department of Justice required Cemex to sell the businesses to avoid it becoming too dominant in the US after it bought Australia-based Rinker in July.
The Cemex business in Florida includes 26 concrete plants and six block plants, while in Arizona CRH will acquire two quarries and six concrete locations.
'Negotiations with Cemex regarding a wider transaction involving additional assets have been terminated,' CRH said in a statement.
CRH, which already has operations in the US, said the Cemex deal meant it had now spent €2 billion so far this year on acquisitions in the US, Switzerland, Turkey, China and the Netherlands.
Cemex's buy of Rinker was the largest-ever acquisition by a Mexican company. It beefed up Cemex's presence in the US, which accounts for 80% of Rinker's revenues, while giving it a foothold in China and Australia.
CRH shares closed down €148 cent to €24.35 in Dublin this evening.