Acerinox to Acquire Haynes International
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Update time : 2024-02-05 18:11:16
Acerinox, a leading global company in the manufacturing and distribution of stainless steel and high-performance alloys, today announced that it has entered into a definitive agreement under which Acerinox’s wholly owned U.S. subsidiary – North American Stainless (“NAS”) – will acquire Haynes International (“Haynes”), a U.S. leading developer, manufacturer, and marketer of technologically advanced high-performance alloys, in an all-cash transaction. Under the terms of the agreement, Acerinox will acquire all the outstanding shares of Haynes for $61.00 per share in cash, which represents a fully diluted equity value of $798 million, and a premium of approximately 22% to Haynes’s six-month volume-weighted average share price for the period ending February 2, 2024. The all-cash transaction values Haynes at an enterprise value of approximately $970 million. The transaction has been unanimously approved by the Boards of Directors of Haynes and Acerinox.
