By Colin Kellaher
Universal Stainless & Alloy Products has agreed to be acquired by Luxembourg-based steelmaker Aperam for about $416 million in cash.
Aperam on Thursday said it will pay $45 a share for Universal, a 3.6% premium to Wednesday's closing price of $43.43 for the Bridgeville, Pa., maker of specialty steels.
Aperam said the transaction, slated to close in the first quarter of 2025, expands its alloys footprint to the U.S. aerospace and industrial markets.
The company said it has a commitment from five core banks for a bridge facility agreement to fund the purchase, adding that it expects annual synergies of about $30 million.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 17, 2024 05:57 ET (09:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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