Milbank and Ropes & Gray (R&G) have advised on Nippon Steel’s proposed acquisition of US Steel Corporation in an all-cash transaction valued at USD14.1 billion.
Nippon Steel is set to acquire US Steel at USD55 per share, making this a strategic move for a significant evolution in the global steel industry if successful.
R&G’s mergers & acquisitions partners, Ariel Deckelbaum and Suni Sreepada, led the team, advising Nippon Steel. The team had the support of finance partners Byung Choi and Jay Kim, executive compensation and employee benefits partners Renata Ferrari and Sharon Remmer, employment partner Richard Kidd, tax partner David Saltzman, environmental partner Peter Alpert, IP transactions partner Jordan Altman, capital markets partner Faiza Rahman, and regulatory partners Lisa Kaltenbrunner, Samer Musallam, Ruchit Patel, and Ama Adams. Partners Andrew O’Connor and Dan Ward handled litigation metters.
Milbank partners Bob Kennedy and Iliana Ongun led the M&A team with associate Douglas Howell, advising US Steel in the transaction. Partners Fiona Schaeffer and Richard Parker are overseeing antitrust matters, with the assistance of special counsel Andrew Wellin. Partners Mike Shah and James Beebe are handling executive compensation aspects of the trasaction, while partner Max Goodman managed tax considerations. Partner Christopher Kwan provided leveraged finance expertise.
Nippon Steel has its headquarters in Japan, holds a significant global presence across 15 countries and boasts a workforce of more than 100,000 individuals. US Steel – headquartered in Pittsburgh, Pennsylvania – operates world-class facilities throughout the US and Central Europe.
