Cleary Gottlieb is advising ArcelorMittal which announced a definitive agreement to sell 100% of the shares of ArcelorMittal USA to Cleveland-Cliffs for a combination of cash and stock.
Under the terms of the agreement, ArcelorMittal expects to receive an aggregate equity value consideration of $1.4 billion upon closing. The transaction has received the approval of both ArcelorMittal and Cleveland-Cliffs boards of directors and is expected to close in the fourth quarter of 2020, subject to regulatory approvals and customary closing conditions.
ArcelorMittal USA is one of the largest steelmakers in the U.S.
For additional details, please see the official announcement here.