Nucor Corporation (NYSE:NUE) entered into an agreement to acquire C.H.I. Overhead Doors, Inc. from KKR North American XI Fund, L.P., managed by KKR & Co. Inc. (NYSE:KKR) and others for $3 billion on May 11, 2022. The cash purchase price of $3 billion is on a debt-free, cash-free basis. The transaction is valued at $3 billion, which represents approximately 13x C.H.I.'s estimated trailing twelve-month EBITDA at close. All C.H.I. employees will receive a substantial cash payout on their equity in the Company. The transaction will be funded from available liquidity sources. Under the transaction, C.H.I.'s leadership team, led by Chief Executive Officer Dave Bangert, is expected to remain in place and continue to run the business under the C.H.I name. All of the C.H.I. team members will be joining the Nucor family.

The transaction is subject to pending regulatory approvals, HSR review and other customary closing conditions. The transaction is expected to close late in Q2 2022 or early in Q3 2022. The transaction will be immediately accretive to earnings in its first year of Nucor's ownership. Moelis & Company LLC acted as the financial advisor and Moore & Van Allen PLLC acted as the legal advisor to Nucor Corporation. Goldman Sachs acted as the lead financial advisor, UBS acted as the co-financial advisor and Jennifer S. Perkins, Lukas David Richards, Benjamin M. Schreiner and Adam Kool from Kirkland & Ellis LLP acted as the legal advisors to KKR and C.H.I.