Funds managed by global alternative asset manager Apollo have agreed to sell 65.2m common equity shares in Vallourec, a manufacturer of premium tubular steel products, to Luxembourg-based multinational steel manufacturing corporation ArcelorMittal, for approximately €955m.
Under the terms of the deal which will see Apollo exits its investment in the business, ArcelorMittal will pay €14.64 per share.
After leading the financial restructuring of Vallourec, Apollo became the largest equity investor in Vallourec in 2021, and as a strategic capital partner, has supported the the company’s transformation of its operational design, footprint and capabilities, increasing EBITDA from €258m in 2020 to €1.196m in 2023,.
The transaction is expected to close in the second half of the year, subject to satisfaction of customary closing conditions.
