The Marcegaglia Group and Outokumpu, a Finnish multinational world leader in stainless steel production, have signed an agreement for Marcegaglia to purchase 100% of all the main companies in the stainless steel long products division of the Finnish company.
The transaction includes an electric furnace steel mill for speciality steels, a wire rod rolling mill and a steel bar production plant in Sheffield (UK); a steel bar production plant in Richburg (USA); and a wire rod hot rolling mill and a wire-drawing mill in Fagersta (Sweden).
The total value of the transaction (enterprise value) is EUR 228 million. The parties expect to complete the transaction by the end of this year, after the green light from the Competition Authorities.
Cappelli RCCD law firm, with a team led by senior partner Roberto Cappelli, assisted by partner Valentina Dragoni, senior associate Raffaella Ceglia, associate Adriano Facchini and trainee Lavinia Orsini, advised the Marcegaglia Group on all legal aspects, which was co-ordinated by the Group’s general counsel Elisa Scilhanik and assisted with respect to the Swedish law aspects by Vinge law firm and by Mayer-Brown law firm in relation to the English and US law aspects.
PwC Italia assisted the Marcegaglia Group as strategic and financial advisor with a team led by partners Nicola Anzivino and Monia Giustozzi, who acted as Financial Due Diligence Advisor and provided support in the reviewing the acquisition agreement with Stefano Ramello (senior manager), Giuseppe Cerfeda (manager), Daniela Mentesana (director) and Massimiliano Mazzoni (Manager), Fabio Gungui (Strategic Advisor and director) Francesco Bruzzo (senior manager) Claudio Marrone (manager) and Beatrice Lina (senior associate).
PwC TLS assisted Marcegaglia Specialties S.p.A. in the tax due diligence with a team composed of partner Nicola Broggi and director Pietro Bertolotti.
Intesa Sanpaolo (IMI Corporate & Investment Banking Division) acted as financial advisor.
Outokumpu was assisted by Roschier law firm, with BNPP acting as financial advisor.