Reliance Steel to buy Metals USA Holdings for $766 mln

Wed Feb 6, 2013 8:42am EST

Feb 6 (Reuters) - Metals processor Reliance Steel & Aluminum Co will buy Metals USA Holdings Corp for $766 million.

The $20.65 per share cash offer represents a 13 percent premium to Metals USA's Tuesday close of $18.30 on the New York stock Exchange.

Metals USA, which had 37.1 million shares outstanding as of Nov. 1, is 53 percent owned by Apollo Global Management LLC .

The enterprise value of the deal was about $1.2 billion, the companies said.

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