Germany’s Befesa said on Wednesday it would buy American Zinc Recycling (AZR) for $450 million to become a leader in recycling of steelmaking dust in Europe, Asia and the United States.
The deal, which should close in the third quarter of 2021, will be funded by the issue of about 6 million shares to institutional investors by way of accelerated bookbuilding.
As part of the agreement, Befesa will also acquire a minority stake of 6.9% of in American Zinc Products LLC, AZR’s zinc refining subsidiary, for $10 million with the option to buy the remaining 93.1% for $135 million.
Source: Reuters.com