Clifford Chance and Slaughter and May are advising on the sale of Irish building materials company CRH's Europe Distribution business to private equity giant Blackstone in a €1.6 billion deal.

Europe Distribution supplies building materials to professional builders, specialist contractors and DIY customers across six countries in western Europe. The unit is valued at €1.64 billion.

Dublin-headquartered CRH has turned to Slaughters, with a team led by corporate and private equity partners Jeff Twentyman and Murray Cox, as well as antitrust partner Claire Jeffs.

Meanwhile, CC is advising the private equity giant, with a team led by M&A partners Spencer Baylin, Christopher Sullivan and Graham Phillips, antitrust partner Jenine Hulsmann, and pension partner Clare Hoxey.

CRH supplies raw materials and finished products to the construction industry, and employs 90,000 people across 32 countries.

Blackstone has about $512 billion of assets under management, with a presence across 23 offices worldwide.

Late last year, CC acted for Blackstone in its purchase of the National Exhibition Centre Group.

The Magic Circle duo recently secured roles on the £6 billion sale of Merlin Entertainments to its shareholders, as well as on this week's Thomas Cook rescue deal.