Essar pays $1.58 billion for Canadian steel maker

India's latest outbound M&A deal sees Essar acquire Algoma Steel of Canada for a cash consideration of $1.58 billion.

IndiaÆs Essar Global will acquire 100% of Algoma Steel of Canada for C$1.8 billion $1.58 billion payable in cash.

Chairman of Essar Global, Shashi Ruia, says This acquisition fits in with our global steel vision of having world-class, low-cost assets, with a global footprint. Algoma provides us with an excellent platform for the Canadian and North American markets.

The transaction will be effected through a court scheme of arrangement, which requires the support of two-thirds of AlgomaÆs shareholders. An Essar...

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