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U.S. markets recover from steep losses
LISLE, Ill., Dec. 1 (UPI) -- Ipsco Inc., a Canadian steel company, said Friday it has purchased NS Group Inc. in a cash-and-stock transaction worth about $1.46 billion.
Ipsco financed the acquisition through a combination of cash on hand and debt obtained under a $1.1 billion syndicated credit facility led by Bank of America, J.P. Morgan and TD Securities.
With the acquisition of NS Group, a tube making company, IPSCO now operates four steel mills, eight pipe mills, scrap processing centers and product finishing facilities in 25 geographic locations across the United States and Canada.
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