The sy­ner­gies amount to $71 mi­llion

Acerinox Buys 100% Of American Company Haynes International For $798 M

Acerinox.
Acerinox.

Acerinox has in­formed the National Securities Market Commission (CNMV) that it has reached an agree­ment to ac­quire 100% of the American com­pany, Haynes International, which spe­cia­lises in hig­h-­per­for­mance alloys. Haynes market con­sensus ex­pects com­pany sales in 2024 of $649 mi­llion and EBITDA of $96 mi­llion.

The expected synergies amount to $71 million. The price amounts to $798 million (30% of Acerinox’s market capitalisation), equivalent to an enterprise value of $970 million. The EV/EBITDA24e ratio is 10.1x, 5.6x including synergies. This ratio contrasts with the 3.7x at which Acerinox is trading for 2024. It will pay $61 per share, which represents a premium of 8.7% from the closing price on February 2 and 22.3% from the volume-weighted average of the last 6 months.

It will be fully financed from Acerinox’s balance sheet, which will increase the net debt/EBITDA ratio in 24e to 1.5x, reducing it below 1.2x in 2025. The company’s dividend policy does not change. Acerinox expects the operation to be positive in EPS (+11%) from the first year, excluding synergies.

Artículos relacionados