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We provide the latest news from the world of economics and finance
(RTTNews) - Monday, Haynes International, Inc. (HAYN) announced that it has agreed to be purchased by North American Stainless, a subsidiary of Acerinox, in a cash deal worth about $970 million.
This values the Company at 12.3 times its fiscal 2023 EBITDA.
The company stated that the North American Stainless will buy all outstanding shares of Haynes at $61.00 per share in cash, a 22% premium to Haynes' average share price for the six months leading up to February 2, 2024.
Furthermore, Acerinox will invest an additional $200 million in its U.S. operations, with $170 million allocated to Haynes.
The acquisition is set to be finalized in the third quarter of 2024.
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