MT, NPSCY, X
ArcelorMittal to buy Nippon Steel interest in JV to address U.S. Steel concerns
ArcelorMittal (MT) announced it has entered into a definitive equity purchase agreement with Nippon Steel (NPSCY), or NSC, pursuant to which ArcelorMittal will purchase NSC's 50% equity interest in the AM/NS Calvert Joint Venture. The transaction has been entered in to at the request of NSC to address regulatory concerns pursuant to its agreed acquisition of U.S. Steel (X). The transaction is subject to NSC completing its pending acquisition of U.S. Steel, which is subject to various other regulatory requirements. Under the terms of the agreement, ArcelorMittal will pay $1 consideration for the transaction; further, NSC will inject cash and forgive partner loans in an amount estimated to be approximately $900M. There are no assurances or guarantees that NSC will complete its acquisition of US Steel. Should NSC not complete its acquisition of U.S. Steel, then the agreement will not come into effect and the AM/NS Calvert Joint Venture will continue
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