BlueScope Steel Limited (ASX:BSL) agreed to acquire remaining 50% stake North Star BlueScope Steel LLC from Cargill, Incorporated for $760 million on October 26, 2015. Under the terms, the acquisition consideration, consist of $720 million along with net debt to be assumed of $40 million as at September 30, 2015. The transaction will be funded through a combination of U.S. capital markets issuance and longer term bank debt. A fully funded interim facility is in place to support the acquisition. For the year ended June 30, 2015, North Star BlueScope Steel, LLC had revenues of AUD 1.6 billion ($1.2 billion), operating income of AUD 196.2 ($150.2 million), EBITDA of AUD 242.8 million ($185.7 million), net income of AUD 125.0 million ($95.7 million), net debt of $41 million and net assets of AUD 1.8 billion ($1.4 billion).

BlueScope exercised its right of last refusal under the North Star shareholders' agreement, matching an offer received by Cargill from a third party, The transaction implies a multiple of EBITDA of 7.1 times 2015 EBITDA and is expected to be accreted to pro-forma 2015 cash flow per share at 26%. Completion is not subject to any regulatory approvals and is expected to be completed in October 2015. Credit Suisse Group acted as financial advisor and Robert Kimball, Marc Rose, Alex Rose and Alex Robertson, and including Jim Meyer, Sue Snyder, Devika Kornbacher, Jennifer Poppe, Cris Dewar, Sean Hill and Alex Farr of Vinson & Elkins acted as legal advisor to BlueScope. Callaghan, Joseph M., Gill, Michael J., Hable, Joseph J., McCoy, Meytal, Morlock, Lee, Odell, Christopher, Perlman, Scott P., Ryan, Mark W., Shepard, Christine M., Simala, Jodi A., Stallings, William H, Steel, Jr., Adrian L. and Wagenmaker, Jason of Mayer Brown LLP acted as legal advisors for Cargill, Incorporated. Currency conversions were done from oanda.com as of June 30, 2015.