Liberty House Completes Acquisition of Europe's Largest Aluminum Smelter

The company has been engaged in talks and negotiations over the past several months to secure necessary regulatory approvals to speed up the acquisition process.

SEATTLE (Scrap Monster): The U.K.-based Liberty House group, a part of GFG Alliance, announced that it has completed the acquisition of Aluminum Dunkerque- Europe’s largest aluminum smelter. The landmark acquisition will help the conglomerate to significantly expand its European operations.

The company has been engaged in talks and negotiations over the past several months to secure necessary regulatory approvals to speed up the acquisition process, in the midst of market uncertainties arising out of the U.S. sanctions on Rusal and disruption of operations at Alunorte, Brazil refinery. A syndicate of international banks headed by Bank of America Merril Lynch and supported by BNP Paribas, ICBC, ICBC Standard Bank, Morgan Stanley, Natixis, Barclays Bank PLC, Bank of Montreal and Royal Bank of Canada had granted a $350 million term loan facility to fund the mammoth purchase.

Sanjeev Gupta, Executive Chairman, GFG Alliance termed the acquisition as a real milestone in its European investment journey. The completion of this acquisition coupled with recently acquired Liberty Wheels France will enable strong growth through long-term investments. He thanked the Works Council, trade unions, French Governemnt and Hauts-de-France region for their support. Gupta welcomed Aluminum Dunkerque workforce into the worldwide GFG family.

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