November 8, 2019 / 8:39 AM / 13 days ago

REFILE-Spanish steel maker Acerinox buys alloy firm VDM Metals for 532 mln euros

(Refiling to include name of buyer in headline)

MADRID, Nov 8 (Reuters) - Acerinox will acquire German-based alloy firm VDM Metals after concluding a purchase deal worth 532 million euros ($587.6 million) with Lindsay Goldberg Vogel and Falcon Metals BV, the Spanish steel company announced on Friday.

Acerinox will pay 310 million euros in cash and take on 222 million euros’ worth of debt, including pensions and other obligations.

The IBEX-listed company, which specialises in stainless steel production, intends to finalise the acquisition by the end of 2020’s first quarter. Acerinox also hopes the acquisition will create significant synergies, allowing the company to diversify its product range. ($1 = 0.9054 euros) (Reporting by Clara-Laeila Laudette, editing by Jose Elias Rodriguez)

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