Reliance buying Metals USA for roughly US$766.1 million


AP

LOS ANGELES — Reliance Steel & Aluminum Co. is buying Metals USA Holdings Corp. for about US$766.1 million.

Reliance, which processes metals and distributes about 100,000 metal products, said Wednesday that it will pay US$20.65 per Metals USA share. That’s a 13 percent premium to Tuesday’s closing price of US$18.30. The companies put the deal’s total enterprise value at around US$1.2 billion.