Los Angeles, California-based service center Reliance Steel & Aluminum Co. announced Monday that it has completed the previously announced acquisition of Metals USA Holdings Corp. for $20.65 per share in cash, and Metals USA has become a wholly-owned subsidiary of Reliance. The acquisition adds a total of 48 service centers located throughout the US to Reliance's existing portfolio.
The purchase price for Metals USA was $786 million paid in cash at closing for the holders of Metals USA stock, options and restricted stock, and the assumption of $454 million of net debt representing a Metals USA enterprise value of approximately $1.24 billion.
Effective with the closing, Lourenco Goncalves retired as Chairman, President and CEO of Metals USA. Robert McPherson will be promoted to President and CEO of Metals USA. Additionally, Roger Krohn will be promoted to Senior Vice President and COO of Metals USA.
