India, March 12 -- Steel and mining major ArcelorMittal S.A. (MT) said that it will acquire a 28.4% stake in Vallourec from Funds managed by Apollo Global Management Inc., for a total consideration of about 955 million euros.
The transaction is expected to close in the second half of the year, subject to satisfaction of customary closing conditions.
ArcelorMittal noted that it does not intend to launch a tender offer for Vallourec's remaining shares over the next six months.
After leading the financial restructuring of Vallourec, Apollo Funds became the largest equity investor in Vallourec in 2021.
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