Trasteel agrees to $800m merger with Sizzle Acquisition Corp II

Trasteel Trading Holding has agreed to combine with Sizzle Acquisition Corp II in a transaction valuing Trasteel at USD 800m on a pre-money equity basis and implying a pro forma enterprise value of about USD 1.3bn. The transaction is expected to close before the end of 2026.

The deal is also expected to include a private investment in public equity alongside existing SPAC cash. Combined PIPE proceeds and existing SPAC cash are expected to exceed USD 300m, with three or four strategic and European investors expected to participate.

Trasteel is separately evaluating acquisitions of private, mid-sized steel-processing businesses, with the potential targets under review having equity values of USD 40m or less. None of those acquisitions is expected to close before the SPAC transaction.

Read more: ION Analytics