M&A · Energy · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Aperam to acquire Universal Stainless & Alloy Products Inc
Announced Oct 17, 2024 · Closed Jan 23, 2025
Deal value$416MEV $494M
Premium—To unaffected price
EV / Adj. EBITDA9.7x1.6x EV / Revenue
ConsiderationAll cash$45.00 per share
Transaction
- Acquirer
- Aperam
- Target
- Universal Stainless & Alloy Products Inc (USAP)
- Buyer type
- Strategic
- Offer price per share
- $45.00
- Enterprise value
- $494M
- Status
- Closed Jan 23, 2025
Deal protections
- Break fee (target pays)
- $14.8M · 3.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- TD Cowen
- TD Cowen fee
- $8.1M
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 16.6%
- EV / Adj. EBITDA
- 9.7x vs. 6.3x sector median
- Break fee
- 3.6% vs. 3.0% sector median
Timeline
- AnnouncedOct 17, 2024
- Proxy filedNov 15, 2024
- Definitive proxyNov 27, 2024
- Shareholder voteJan 15, 2025
- ClosedJan 23, 2025
Valuation · fairness opinions
Trading comparables$40.36$54.88
Trading comparables$30.79$40.20
Precedent transactions$39.65$49.44
Discounted cash flow$38.62$49.25
Offer $45.00
Implied value per Universal Stainless & Alloy Products Inc share by analysis, from TD Cowen.