Kirkland & Ellis is advising leading developer and manufacturer of technologically advanced high-performance alloys Haynes International, Inc. (NASDAQ:HAYN) on a definitive agreement to be acquired by North American Stainless, a wholly owned subsidiary of Acerinox. The all-cash transaction values Haynes at an enterprise value of approximately $970 million. Under the terms of the agreement, North American Stainless will acquire all the outstanding shares of Haynes for $61 per share in cash, which represents a premium of approximately 22% to Haynes' six-month volume-weighted average share price for the period ending February 2, 2024. The transaction is expected to close in the third calendar quarter of 2024, subject to satisfaction of customary closing conditions, including receipt of regulatory approval and approval by Haynes stockholders. In connection with the transaction, Acerinox is committing to invest $200 million into its U.S. operations, including $170 million in Haynes’ Kokomo operations. Acerinox is a global leader in the manufacturing of stainless steel and high-performance alloys and its subsidiary, North American Stainless, is the largest fully integrated stainless-steel company in the United States.
The Kirkland team was led by corporate partners David Klein and Allie Wein and associate Arjun Karthikeyan with assistance from corporate partner Michael Movsovich and associates Eli Markham and Jay Gao; antitrust & competition partners Andrea Murino and Matthew Sinclair-Thomson and associates Lauren Taylor, Emily Hsu and Andrew Schilling; international trade & national security partner Ivan Schlager and associate Brad Dumbacher; executive compensation partners Rohit Nafday and Karsten Busby; tax partners Dean Shulman and Sehj Vather and associate Afshin Khan; technology and IP transactions partner Joanna Schlingbaum and associate Nisha Chandra; and capital markets partner Julia Danforth.