Salfacorp Agrees to Acquire Tecsa

Chilean construction company Salfacorp says it has agreed to acquire privately held peer Empresas Tecsa. The buyer does not say how much it will pay for the target. Tecsa, which is controlled by Chile’s Binder family, in 2009 reported revenue of CLP192.5bn ($387m), which it says makes it Chile’s fourth largest construction company after Salfacorp, which is the largest, Besalco and Socovesa. Salfacorp says that due diligence is underway and that closing of the deal is expected by the end of April. Salfacorp’s shares jumped 7.5% after it announced the deal, closing at CLP1,914. The company does not name any financial advisors.