Aperam expands Alloys footprint to the Aerospace and Industrial markets in the United States

Aperam expands Alloys footprint to the Aerospace and Industrial markets in the United States

Signs definitive agreement to acquire Universal Stainless & Alloy Products, Inc at $45.00/share in an all cash / fully debt funded transaction
● High synergies of $30m annually make transaction earnings, cash flow and value accretive
● Closing is expected for H1 2025
● Aperam confirms its progressive dividend policy

Luxembourg 17 October, 2024 (7:30 CEST) – Aperam S.A. (Aperam), a global leader in stainless, specialty steel solutions and recycling is announcing the signing of a definitive agreement to acquire Universal Stainless & Alloy Products, Inc. (Universal) [Nasdaq: USAP], a leading manufacturer of specialty steel products for critical Aerospace & Industrial applications in the U.S., at a price of $45.00 per share in an all-cash transaction. The purchase price represents a premium of 3.6% to Universal’s closing stock price on October 16, 2024, and a premium of 19% to the volume-weighted average price for the last 3 months. The transaction values Universal Stainless & Alloy Products at an enterprise value of approximately $539 million. The payment of the purchase price is secured by the commitment of 5 core banks to enter into a bridge facility agreement.

Timoteo Di Maulo, CEO of Aperam, commented: “Today marks an exciting milestone in Aperam’s journey to become one of the global leaders in specialty steels. Universal shares our vision for sustainable growth and innovation, and we are confident that this partnership will yield significant benefits for both our customers and shareholders,”. “Our combined expertise and resources will allow us to deliver superior solutions that meet the growing demand for high-quality, sustainable solutions. This acquisition not only aligns with our long-term strategy but also strengthens our commitment to diversify into specialties in stainless steel and alloys and increasing exposure to more stable, high-margin industries.”  

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