Subject to regulatory approval, the two companies are forming a 50:50 joint venture to create a UK construction materials giant. Combined sales of the two businesses in 2010 amounted to £1.8bn, with combined EBITDA of £210m.
The JV is expected to save at least £60m a year in operating costs.
The geographical and product portfolios of Lafarge and Tarmac are seen as complementary and are expected to create a business best placed to benefit from economic recovery, the companies said.
Anglo American chief executive Cynthia Carroll said: "We are excited to be bringing together two high quality and complementary UK businesses to create a compelling new industry proposition through which we expect to unlock significant value. While Anglo American's objective remains to divest its interests in the joint venture over time, this transaction positions us well to maximise value."
Lafarge chairman and chief executive Bruno Lafont said: "This new leading construction materials company, built on the strengths and proud histories of two great teams, will create more value to customers, with an enhanced and larger offer of products and services. For Lafarge, this deal is cash neutral, is accretive to Lafarge shareholders and illustrates our strong commitment to the UK market."
The joint venture will operate with its own board of directors led by an independent chairman and executive management teams drawn from both businesses.
Completion of the deal is conditional on regulatory approvals. Both Lafarge UK and Tarmac UK operations will continue to operate independently until obtaining such approvals.
Anglo American has been looking to divest non-core assets for some time, to focus on mining. Last year it sold Tarmac's aggregates businesses in France, Germany, Poland and the Czech Republic and its Polish, and French and Belgian concrete products businesses, raising US$483m in total.
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