PITTSBURGH (AP) — TMS International is selling itself to members of the Pritzker family in a cash deal it valued at about $1 billion including refinanced third-party debt.
Pittsburgh-based TMS provides industrial services to steel mills. The Pritzker family, one of America's wealthiest, operates a global industrial conglomerate and founded the Hyatt chain of hotels.
TMS stockholders will get $17.50 in cash for each share of their TMS Class A and Class B common stock. The price represents a 12 percent premium over the company's Friday closing stock price.
TMS says the deal boosts returns for its shareholders and positions it to expand its globally as a privately held company.
The deal has been approved by TMS' board and is expected to close in the fourth quarter.