June 27 Reuters France39;s SaintGobain has entered into an agreement to buy Dubaibased 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.

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

Since 2021, the Parisbased 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 highgrowth markets such as India and the Middle East, CEO Benoit Bazin said in a statement.

SaintGobain expects to realise synergies of 54 million in the third year after the deal is completed.

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

Source Reuters