Acerinox, a stainless steel manufacturer based in Spain, announced that it will acquire Haynes International, a leading producer of high-performance alloys in the US, through its wholly-owned subsidiary North American Stainless (NAS).

The transaction will be in all cash. Acerinox will purchase all outstanding shares of Haynes for US$61/share, which represents a fully diluted equity value of US$798 million. This transaction has been approved by the boards of directors of Haynes and Acerinox.

Acerinox CEO said that the acquisition would strengthen the company's global leadership position in high-performance alloys and create business opportunities in the aerospace industry and the US market.