NAME: ArcelorMittal and Nippon Steel’s $7 billion acquisition of Essar Steel India
LAW FIRM: S&R Associates, L&L Partners, Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co, Acuity Law, Walalangi & Partners in association with Nishimura & Asahi
S&R Associates: Rajat Sethi, Sudip Mahapatra, Prachi Goel, Shahezad Kazi
L&L Partners: Mohit Saraf, Sudhir Sharma, Abhishek Swaroop, Late Sameen Vyas, Bikash Jhawar, Nipun Vaid, Priyanka Singh, Sundeep Dudeja, Apurva Jayant, Sachit Mathur, Abdullah Hussain, Rudresh Singh, Rohit Raghavan, Deepak THM, Akhil Anand, Anshuman Mozumdar, Vivek Pareek, Harish Kumar
Shardul Amarchand Mangaldas & Co: Sapan Gupta
Acuity Law: Souvik Ganguly, Gautam Narayan
Walalangi & Partners: Luky Walalangi
Shearman & Sterling: George Karafotias, Rory O’Halloran
PRACTICE AREAS: Corporate and M&A
INDUSTRY SECTORS: Industrials and manufacturing
ArcelorMittal and Nippon Steel’s $7 billion acquisition of Essar Steel India is our deal of the month for December.
Luxembourg-headquartered steel producer ArcelorMittal and Japan’s Nippon Steel have jointly acquired Essar Steel India for US$7.21 billion following the Supreme Court of India verdict.
The acquisition brings the world’s largest steel company into India and makes ArcelorMittal the fourth largest steel producer in the country.
ArcelorMittal now jointly owns and operates Essar India in partnership with Nippon Steel through a joint venture formation agreement. Nippon Steel is Japan’s largest steel manufacturer and the third-largest steel company in the world. Last year, ArcelorMittal and Nippon Steel offered to pay $5.8 billion in cash upfront to creditors as part of its bid for the target.