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Teneo is handling Nippon Steel Corp. as it acquires United States Steel Corp. for $14.9B as part of its strategy to add steel-making capacity in “districts and areas where demand is promisingly expected to grow.”
The transaction follows NSC’s acquisitions in India and Thailand as it seeks to achieve its goal of producing 100M tons of steel per year. With USS, NSC’s capacity hits the 86M mark.
NSC president Eiji Hashimoto said his company “has long admired USS with deep respect for its advanced technologies, rich history and talented workforce." His company is committed to honoring all agreements with USS’ existing union contracts.
NSC’s $55 per share offer represents a 40 percent premium over USS’ Dec. 15 closing stock price. The transaction is expected to close in the second or third quarter of 2024.
Robert Mead, Teneo Americas chairman, heads the NSC team that includes senior managing directors Monika Driscoll and Tucker Elcock.
Joele Frank, Wilkinson Brimmer Katcher’s Kelly Sullivan and Ed Trissel represent USS.
FGS Global represents private equity firm Thoma Bravo as it makes a $4.6B bid for Darktrace, a UK-based cybersecurity artificial intelligence firm.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
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