CEE: Schoenherr advises Holcim on EUR 1.85bln acquisition of Xella

The transaction was signed on 20 October 2025 and completion is expected in the second half of 2026, subject to customary conditions and regulatory approvals. It marks a major step in Holcim's NextGen Growth 2030 strategy to shape the future of sustainable construction. With the acquisition of Xella, Holcim expands its building solutions segment and strengthens its offering in the EUR 12bln+ walling market. Xella brings premium brands such as Ytong, Silka, Hebel and Multipor to Holcim's portfolio, as well as expertise in digitally supported construction processes through proprietary platforms blue.sprint and Building Companion. 

"It was a pleasure to support Holcim on this landmark acquisition, which underscores its leadership in sustainable construction and its continued growth in high-value building solutions," said Schoenherr partner Michael Marschall, who co-led the team. "This deal is yet another testament to Schoenherr's unmatched cross-border capabilities and the seamless collaboration of our teams."

Based in Duisburg, Germany, Xella operates in 21 European markets and employs more than 4,000 people. The transaction is expected to be earnings per share (EPS) and free cash flow accretive in the first year, with run-rate EBITDA synergies of EUR 60m anticipated by year three, at which point it is also projected to be return on invested capital (ROIC) accretive.

Holcim (SIX: HOLN), headquartered in Zug, Switzerland, is a global leader in sustainable construction, with net sales of CHF 16.2bln in 2024 and more than 48,000 employees across 45 markets worldwide.

The cross-border Schoenherr team advising Holcim was led by Michael Marschall (partner) and Lukas Pirringer (attorney at law). It further included: 

Austria

Alexander Popp (partner), Georg Winkler (associate), Sarah Grobmüller (associate), Roland Misic (associate), Teresa Waidmann (partner), Franziska Waltersdorfer (associate), Bernd Rajal (partner), Nina Zafoschnig (counsel) and Maximilian Klein (associate).

Bulgaria

Alexandra Doytchinova (partner), Dimitar Kairakov (attorney at law), Katerina Kaloyanova-Toshkova (attorney at law), Gergana Roussinova-Ivanova (attorney at law), Tereza Shishkova (attorney at law), Antoniya Peeva (attorney at law), Yoana Strateva (attorney at law) and Hristo Hadzhiiliev (associate).

Czech Republic

Vladimir Cizek (partner), Michal Jendzelovsky (counsel), Sebastian Špeta (attorney at law), Helena Hangler (counsel), Marie Gremillot (attorney at law), Kristýna Zmatlíková (attorney at law), Natálie Hrubá (associate) and Jana Machová (associate).

Croatia

Vice Mandaric (partner), Dina Vlahov Buhin (counsel), Lucija Krznar (attorney at law) and Doroteja Šturm (associate).

Hungary

Kinga Hetenyi (partner), Daniel Gera (partner), Alexandra Bognar (attorney at law), Eva Mester (attorney at law), Gergely Horváth (attorney at law), Márk Kovács (attorney at law), Viktoria Hiesz (attorney at law) and Barbara Darcsi (associate).

Romania

Monica Cojocaru (partner), Simona Lehniuc (managing attorney at law), Vlad Cordea (managing attorney at law), Valentina Pruteanu-Bujor (attorney at law), Oana Grecu (partner), Adina Damaschin (partner), Mara Moga Paler (partner), Darius Trusculete (senior attorney at law), Raluca Dragusin (attorney at law), Ionut Sava (senior attorney at law), Sabina Aionesei (attorney at law) and Razvan Dinica (associate).

Serbia, Bosnia & Herzegovina, Kosovo

Vojimir Kurtic (partner), Stefan Dobraš (associate), Aleksa Bošnjović (attorney at law), Marko Kostic (attorney at law), Bojan Rajic (attorney at law), Luka Milosevic (associate), Zeljko Loci (associate) and Ljiljana Medan (associate).

Slovakia

Soňa Hekelová (partner), Ján Farbiak (attorney at law), Michal Lučivjanský (partner), Peter Devínsky (counsel) and Tatiana Adamová (associate).

Slovenia

Bojan Brežan (partner), Maks Osojnik (attorney at law), Matej Črnilec (partner), Marko Frantar (partner), Peter Gorše (partner), Jan Primožič (attorney at law), Špela Lovšin (attorney at law), Tilen Žagar (attorney at law), Miriam Gajšek (senior associate), Borče Malijanski (associate) and Žana Žabnika (associate).

Lead counsel

Linklaters acts as lead counsel to Holcim. The Linklaters team is led by Marco G. Carbonare (partner, corporate/M&A, Frankfurt), Martina Farkas (partner, corporate/M&A, Munich), Dominic da Gama Campos (partner, corporate/M&A, London), Christoph Barth (partner, antitrust & foreign Investment, Düsseldorf) and Dominik Wegener (managing associate, corporate/M&A, Munich).