Haynes to be acquired by North American Stainless for $970M

Haynes announced it has entered into a definitive agreement to be acquired by North American Stainless, a wholly owned subsidiary of Acerinox, in an all-cash transaction valuing the company at an enterprise value of approximately $970M and representing a multiple of 12.3x fiscal 2023 EBITDA. Under the terms of the agreement, North American Stainless will acquire all the outstanding shares of Haynes for $61.00 per share in cash, which represents a premium of approximately 22% to Haynes’ six-month volume-weighted average share price for the period ending February 2. As part of this transaction, Acerinox has committed to investing an additional $200M into its U.S. operations, including $170M into Haynes’ operations. Headquartered in Madrid, Spain, Acerinox is a global leader in manufacturing stainless-steel and high-performance alloys and its subsidiary, North American Stainless, is the largest fully integrated stainless-steel company in the U.S. The transaction, which has been unanimously approved by the board of directors of both companies, is expected to close in the third calendar quarter of 2024, subject to satisfaction of customary closing conditions, including receipt of regulatory approval and approval by Haynes stockholders. Upon completion of the transaction, Haynes shares will cease trading on the Nasdaq stock exchange.