Toronto, Ontario (Newsfile Corp. - September 27, 2022) - Alternative IQ today announced the Top Contenders for the 2022 Canadian Hedge Fund Awards, the highest honour in Canada's hedge fund industry.
Alternative IQ Announces the Top Contenders for the 2021 Canadian Hedge Fund Awards finanznachrichten.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finanznachrichten.de Daily Mail and Mail on Sunday newspapers.
Algoma Steel and Legato Merger Corp. Sign Definitive Merger Agreement
Jun 01, 2021 12:40 PM ET Legal Newswire POWERED BY LAW.COM
The Canadian parent company of privately held Algoma Steel Inc. ( Algoma ), a leading independent steel producer with extensive steelmaking and finishingoperations in Sault Ste. Marie, Ontario, Canada, and Legato Merger Corp., a special purpose acquisition company ( Legato ), today jointly announced that they have entered into a definitive merger agreement that will result in Algoma becoming a publicly listed company with its common shares traded on the Nasdaq Stock Market. Algoma also intends to apply to list its common shares on the Toronto Stock Exchange.
Share this article
Transaction to result in Algoma Steel becoming a publicly listed company.
At $10.00 per share of Legato common stock, this all-stock transaction values the combined company at an enterprise value of approximately $1.7 billion including contingent consideration.
At an enterprise value of approximately $1.7 billion including contingent consideration, the combined company would be valued at 1.9x expected calendar year 2021 Adjusted EBITDA of $901 million.
Transaction expected to provide Algoma Steel with $306 million of capital, including a $100 million fully committed private placement with key investors.
New equity capital will provide Algoma Steel with flexibility to continue with strategic and transformational investments in the business, including the potential for a substantial investment in electric arc steelmaking which would enhance earnings potential and substantially reduce Algoma s carbon footprint by approximately 70%.