Bekaert and Almasa seek to merge steel wire activities in Colombia

Bekaert and Almasa have reached an agreement on the merger of Proalco SAS (subsidiary of Bekaert) with the steel wire activities of Almasa SA, both located in Colombia. Bekaert Ideal Holding (in which Bekaert holds 80% of the shares) and Almasa SA would each hold 50% in Proalco SAS after the merger. The transaction is subject to customary closing conditions including regulatory approvals and is expected to close before year-end 2020. It will add approximately € 20 million in annual revenue to Proalco SAS, which generated € 65 million in revenue in 2019.

Source: Marketscreener