Aleris Buyout Receives EU Okay

A Texas-based investment group has received approval from European Union regulators to purchase aluminum and zinc scrap consumer Aleris International, according to an Associated Press report.

The approval by the European Commission remained one of the final hurdles before the $1.7 billion deal could be finalized.

The Beachwood, Ohio-based metals producer uses aluminum and zinc scrap to make secondary metals products at 50 plants in four different continents. The company employs 8,600 people worldwide.

Texas Pacific Group, based in Fort Worth, Texas, is a privately held partnership that reportedly manages a $30 billion portfolio of companies and securities in a wide range of industries.

According to the AP report, the headquarters of Aleris will remain in the Cleveland suburb of Beachwood.