Spain: ArcelorMittal Acquires Condesa Tubos

Steel producer ArcelorMittal has signed a binding agreement with its partners in Condesa Tubos—one of Europe’s leading manufacturers of welded steel tubes and profiles—to acquire the shareholding it did not already own in the business. Cuatrecasas advised ArcelorMittal on this transaction.

ArcelorMittal owned a 33% participation in the Condesa Group as an industrial partner since February 2016, as a result of its restructuring within the framework of the so-called “Phoenix Project.” Following this agreement, ArcelorMittal will acquire the remaining 67% of the share capital from a banking pool made up of Banco Santander, BBVA, CaixaBank, Kutxabank, Bankinter, Caja Rural de Navarra and Banco Sabadell.