Pritzker Announces Acquisition Of TMS International In Approx. $1 Bln Deal

(RTTNews) - TMS International Corp. (TMS) and The Pritzker Organization, LLC (TPO) announced a definitive merger agreement under which business interests of certain members of the Pritzker family will acquire TMS in an all-cash transaction valued at approximately $1 billion, including refinanced third-party debt. TMS stockholders will receive $17.50 in cash for each share of TMS Class A common stock and Class B common stock. Upon completion of the transaction, TMS will become a privately held company.

Following the execution of the definitive merger agreement, Onex Corp. (OCX.TO) and certain of its affiliates, the holders of approximately 60% of the outstanding shares of TMS common stock, executed a written consent adopting and approving the definitive merger agreement. Onex and Onex Partners II will sell their remaining 23.4 million TMS shares for proceeds of $410 million. Onex' portion of the proceeds would be $172 million, including carried interest of $10 million.

TMS International Corp., through its subsidiaries, including Tube City IMS Corporation, is the largest provider of outsourced industrial services to steel mills in North America. TMS provides mill services at 81 customer sites in 12 countries.