Kloeckner & Co SE Acquired by Worthington Steel | Manufacturing M&A Deal

Worthington Steel has initiated the acquisition of Kloeckner & Co SE, a metals fabrication business in Germany, for $900 million. Kloeckner & Co SE supplies metals and value-added processing capabilities that support manufacturing customers, strengthening Worthington Steel acquisitions in the European metals supply chain. Worthington Steel plans to finance the merger acquisition through a private offering of $900 million senior secured notes due 2033, issued via WS Escrow LLC or directly by the parent, with escrow and special mandatory redemption features linked to acquisition timing. The strategic acquisition is expected to use note proceeds plus new term loans and cash to fund loans and payouts to Kloeckner shareholders, refinance existing debt, cover transaction costs, and support working capital for manufacturing M&A.