Simpson Thacher Represents JPMorgan as Financial Advisor to Carpenter Technology Corporation in its Approximately $558 Million Acquisition of Latrobe Specialty Metals, Inc.
06.22.11
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Simpson Thacher is representing J.P. Morgan Securities LLC as financial advisor to Carpenter Technology Corporation (“Carpenter”) in connection with its acquisition of Latrobe Specialty Metals, Inc. (“Latrobe”). The transaction is valued at approximately $558 million, including $170 million in cash Carpenter will pay to eliminate Latrobe’s debt at closing and reimburse certain transaction costs. As part of the transaction, 8.1 million shares of Carpenter stock, subject to certain adjustments, will be issued to the current owners including Hicks Equity Partners and The Watermill Group. The transaction is expected to close by September 30, 2011.
Carpenter Technology, based in Wyomissing, PA, produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels and superalloys. Carpenter is listed on the New York Stock Exchange under the symbol “CRS.” Latrobe Specialty Metals supplies essential materials to the aerospace, defense, energy, hydrocarbon, medical and industrial steel sectors.
The Simpson Thacher team working on this transaction includes Rob Spatt and Alfredo Porretti.