Milbank and R&G Provide Legal Expertise in $14.1 Billion Nippon-US Steel Deal

In a momentous development within the global business landscape, legal powerhouses Milbank and Ropes & Gray (R&G) have assumed instrumental roles in orchestrating the ambitious acquisition plan of Nippon Steel, as it sets out to acquire US Steel Corporation in a groundbreaking all-cash deal valued at an astounding USD 14.1 billion.

The strategic significance of this move is underscored by Nippon Steel's intention to secure the acquisition of US Steel at a per-share rate of USD 55. This not only signals a substantial financial commitment but also portends a transformative shift in the dynamics of the global steel industry.

R&G, under the adept leadership of mergers and acquisitions partners Ariel Deckelbaum and Suni Sreepada, has played a central advisory role, steering Nippon Steel through the intricate process of this high-stakes acquisition. The litigation dimension of the deal was deftly managed by partners Andrew O’Connor and Dan Ward.

On the opposing front, Milbank assumed the pivotal role of advising US Steel in navigating the intricacies of this monumental transaction. The M&A team, led by partners Bob Kennedy and Iliana Ongun, with the support of associate Douglas Howell, demonstrated finesse in addressing the multifaceted challenges inherent in such a complex deal. Antitrust matters were entrusted to the capable hands of partners Fiona Schaeffer and Richard Parker, with the invaluable assistance of special counsel Andrew Wellin. Executive compensation considerations were overseen by partners Mike Shah and James Beebe, while partner Max Goodman took charge of managing tax considerations. The nuanced domain of leveraged finance found adept handling under the guidance of partner Christopher Kwan.

Nippon Steel, headquartered in Japan, emerges as a formidable global entity with a pervasive presence across 15 countries and a workforce exceeding 100,000 individuals. In contrast, US Steel, headquartered in Pittsburgh, Pennsylvania, commands a prominent position in the industry, boasting world-class facilities strategically dispersed throughout the United States and Central Europe.

The collaboration between Nippon Steel and US Steel, meticulously guided by the astute legal counsel provided by Milbank and R&G, represents a landmark in the evolution of the steel industry. The far-reaching implications of this acquisition extend beyond the entities involved, permeating the fabric of the global economic landscape. The expertise and acumen demonstrated by these legal stalwarts in navigating transactions of such colossal magnitude underscore their standing in the legal domain and their ability to navigate transformative deals with finesse. This alliance not only signifies a strategic alignment between two major players but also sets the stage for a redefined future in the global steel sector.