Universal Stainless & Alloy Products Inc. of Bridgeville has agreed to be acquired by Luxembourg-based Aperam in an all-cash transaction.
Aperam is a global player in stainless, electrical and specialty steel and recycling, with customers in over 40 countries.
Aperam will acquire all outstanding shares of Universal for $45 per share in cash, which represents a premium of about 19 percent to Universal’s three-month volume-weighted average stock price as of Oct. 16, and 10.6x trailing 12-month Adjusted EBITDA as of June 30.
“This is an exciting opportunity to become part of a respected leader with complementary capabilities and strong financial resources,” Universal CEO Christopher M. Zimmer said in a statement. “We expect this transaction will accelerate the growth trajectory we have already achieved and build a dynamic, mutually rewarding future. We will maintain Universal’s distinct identity in our markets, with our team and operations remaining intact."
TD Cowen is acting as exclusive financial advisor to Universal and K&L Gates is serving as legal advisor to Universal.
