Bekaert Exits From Steel Wire JV in Chile and Peru
December 4, 2023
Cleary Gottlieb represented long-standing client NV Bekaert SA (Bekaert) in the sale of its Steel Wire Solutions businesses in Chile and Peru.
Bekaert sold its stake of approximately 50% to its joint venture partner.
An agreement was reached on March 1, 2023, and closing, after having obtained regulatory approvals, occurred on November 10, 2023. The transaction, with a total enterprise value of approximately $350 million and resulting in net proceeds for Bekaert’s stake of approximately $136 million.
Bekaert, headquartered in Belgium and listed on Euronext Brussels, is a global market and technology leader in material science of steel wire transformation and coating technologies. Bekaert also applies its expertise beyond steel to create new solutions with innovative materials and services for markets including new mobility, low-carbon construction, and green energy.