Private Equity Firm Acquiring Aleris

Texas Pacific Group announced plans to acquire Aleris International in a deal worth an estimated $3.3 billion. TPG, a private investment group, will pay $52.50 per share to acquire Aleris, based in the Cleveland, Ohio area. Additionally, the company will assume around d $1.6 billion in debt that Aleris has.

Aleris’ board of directors approved the merger agreement. Steven Demetriou, Aleris's chairman and CEO, said, "After careful analysis, our board of directors has unanimously endorsed this transaction as being in the best interests of our stockholders."

Pending approval by stockholders, as well as all regulatory agencies, the deal is expected to be complete by early next year.

Aleris has grown significantly since the merger between Imco Recycling and Commonwealth Aluminum. Over the past year the company has made five other acquisitions this past year, including the downstream aluminum business of Corus Group, purchasing Alumitech, purchasing selected assets from Ormet Corp. and buying ALSCO Metals.

In addition to manufacturing aluminum rolled products and extrusions, aluminum recycling and specification alloy production, Aleris also recycles zinc and a manufactures zinc metal and value-added zinc products that include zinc oxide and zinc dust.