Saint-Gobain agrees to buy FOSROC for around $1 billion

(Reuters) -France's Saint-Gobain has entered into an agreement to buy Dubai-based construction chemicals company FOSROC for around 960 million euros ($1.03 billion) to drive its international expansion, it said on Thursday.

The transaction, which will be fully financed with cash, is expected to close by the first half of 2025, the French construction materials group said.

Saint-Gobain has been on the hunt for acquisitions outside of Europe as it seeks to grow its worldwide presence in construction chemicals.

Since 2021, the Paris-based multinational has bought 35 companies, including Chryso and GCP that operate in the sector.

The deal to buy FOSROC, based in the United Arab Emirates, will allow the group to expand in high-growth markets such as India and the Middle East, CEO Benoit Bazin said in a statement.

Saint-Gobain expects to realise synergies of $54 million in the third year after the deal is completed.

($1 = 0.9351 euros)

(Reporting by Gianluca Lo Nostro and Olivier Sorgho in Gdansk; editing by Milla Nissi)