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Befesa to Acquire American Zinc Recycling
- Client News
- June 16, 2021
Paul Weiss is advising Befesa S.A. in its acquisition of American Zinc Recycling Corp., a U.S. market leader in providing electric arc furnace steel dust (EAFD) recycling services, for an aggregate consideration of $450 million. Befesa, a Luxembourg-based, Frankfurt Stock Exchange-listed company, is a leading provider of hazardous waste recycling services to the steel and aluminum industries.
The transaction includes Befesa’s acquisition of a minority interest in American Zinc Products’ zinc refining business and certain put and call options for Befesa to acquire the remaining interests in the business, subject to the satisfaction of certain operational and financial performance milestones, for an aggregate consideration of up to $174 million.
Upon completion of the acquisition, which is expected in the third quarter of 2021, subject to regulatory and other customary closing conditions, Befesa will become a global leader in EAFD recycling with a balanced footprint across Europe, Asia and the U.S.
The Paul Weiss team includes, among others, corporate partner Tarun Stewart and counsel Ji Lu; tax partner David Mayo; environmental counsel William O’Brien; international trade counsel Richard Elliott; intellectual property partner Jonathan Ashtor and counsel Michael Kurzer; real estate partner Peter Fisch; antitrust counsel Marta Kelly; and litigation counsel Steven Herzog. Paul Weiss worked together with German law firm Noerr on this transaction.