Lafarge, the world's biggest cement maker, said it had agreed to buy Orascom Cement for 8.8 billion euros ($12.81 billion).

The deal would boost its earnings and exposure to high-growth emerging markets, it said.

Lafarge said that as part of the acquisition, it would take on 1.4 billion euros of debt.

The deal will also see Egyptian businessman Nassef Sawiris take an 11.4 percent stake in Lafarge.

Orascom Cement is a unit of Egypt's Orascom Construction Industries. - Reuters