China Zhongwang Plans USD2.33 Billion Acquisition of the US Aleris
Yicai Global
/SOURCE : Yicai
China Zhongwang Plans USD2.33 Billion Acquisition of the US Aleris
(Yicai Global) Aug. 30 -- The investment company Zhongwang USA LLC, a subsidiary of the China Zhongwang Holdings Limited [SEHK:1333], has announced a USD2.33 billion acquition bid for Aler Corporation, a US developer and manufacturer of high-end aluminum rolled products.Mr. Liu Zhongtian, founder of China Zhongwang, says that the acquition mainly aims to expand its international market. According to the agreement, Zhongwang USA will pay about USD2.33 billion to Aler in enterpre value, including equity transfer worth about USD1.11 billion and net debt of about USD1.22 billion. When the acquition concludes, Zhongwang USA will have full ownership of Aler.Founded in 1993, the Liaoning-based China Zhongwang a private aluminum processing enterpre. On May 2009, the group went public on the SEHK, becoming the largest IPO in global financing since the 2008 financial cr.Stattics show that Aler has establhed long-term partnerships with various aircraft manufacturers such as Airbus, Boeing and Bombardier, and many well-known auto brands like Audi, BMW and Mercedes-Benz. Since 2010, Aler has been held by a group of private-equity funds, including Oaktree Capital Management, L.P., Apollo Management, L.P. and Sankaty Advors, LLC.Zhongwang USA promes that Aler will retain its name and remain headquartered in Cleveland, Ohio, operating as an independent entity. The Aler management team will also stay in place.
Follow Yicai Global on