Haynes Agrees To Be Acquired By North American Stainless For $970 Mln In Cash

(RTTNews) - Monday, Haynes International, Inc. (HAYN) announced that it has agreed to be purchased by North American Stainless, a subsidiary of Acerinox, in a cash deal worth about $970 million.

This values the Company at 12.3 times its fiscal 2023 EBITDA.

The company stated that the North American Stainless will buy all outstanding shares of Haynes at $61.00 per share in cash, a 22% premium to Haynes' average share price for the six months leading up to February 2, 2024.

Furthermore, Acerinox will invest an additional $200 million in its U.S. operations, with $170 million allocated to Haynes.

The acquisition is set to be finalized in the third quarter of 2024.