Peruvian cement producer Unacem has purchased, via its Unión de Concreteras (Unicon) subsidiary, a 100 per cent stake in Hormigones Independencia, part of the Chilean Hurtado Vicuña group.

The US$22.2m transaction, paid for by own funds and a bank loan, covers seven concrete plants located throughout Chile, in La Serena, Rancagua, San Felipe, Concón, Quilicura, San Fernando y Chillán.

The acquisition is the second by Unicon in less than a year. In July 2017, the company bought Ecuadorian concrete producer Hormigonera Quito (Horquito) for US$13m.