Mitsui & Co., Ltd. announced today that it has completed the previously announced acquisition of Steel Technologies Inc. ("Steel Technologies") through its wholly owned subsidiary Mitsui & Co. (U.S.A.), Inc. ("Mitsui USA"). The all-cash transaction was valued at approximately $534 million, including retained debt of $137 million.
Steel Technologies convened a special shareholders meeting on May 30th, 2007 wherein its shareholders approved Mitsui USA's acquisition of Steel Technologies by majority vote. Steel Technologies will be delisted from NASDAQ, pursuant to this acquisition by Mitsui USA.
Both companies agreed on Feb 28th, 2007, that Mitsui USA acquires all outstanding shares of Steel Technologies. Having obtained all the necessary regulatory approvals, Mitsui USA has made the all cash consideration.
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