Trasteel and Sizzle to Merge, Valuation at $1.3 Billion
Trasteel and Sizzle Acquisition announced that they have entered into a definitive agreement for a business combination to form a new global steel trading and industrial public holding company. Upon closing of the business combination, subject to approval by Trasteel and Sizzle II shareholders and satisfaction of other customary closing conditions, Trasteel and Sizzle II intend to list Pubco on Nasdaq, under the symbol (TSTL), with each of Trasteel and Sizzle II becoming wholly owned subsidiaries of Pubco. The closing is expected to occur by the end of 2026. Trasteel intends to use the proceeds from the business combination for accretive strategic acquisitions and investments, working capital and other general corporate purposes. The transaction consideration in the business combination, in the form of newly-issued Pubco shares, is based on a pre-money equity value of Trasteel of $800M. The implied pro forma enterprise value of the combined company upon the closing of the business combination is anticipated to be approximately $1.3B. Existing shareholders of Trasteel will roll 100% of their equity into Pubco. The boards of directors of each of Trasteel and Sizzle II have unanimously approved the business combination. The business combination will require the approval of the shareholders of each of Trasteel and Sizzle II and is subject to other customary closing conditions. It is currently expected that the business combination will close by the end of 2026.
