Aleris International today announced that it has entered into a definitive share purchase agreement to acquire the $1.8 billion revenue downstream aluminum business of Corus Group. Aleris had previously announced in March that it had signed a non-binding letter of intent concerning this transaction.
The transaction will include Corus's aluminum rolling and extrusion businesses but will not include Corus's primary aluminum smelters.
Aggregate net cash consideration for the acquisition will be approximately €700 million, excluding the assumption of approximately €28 million of debt as well as certain other liabilities.
The acquisition remains subject to certain regulatory approvals, with the closing envisaged in the third quarter of 2006.
Following completion of the proposed transaction, the combined company will have a total of approximately 8,800 employees and will operate 51 manufacturing locations in North America, South America, Europe and