Spanish steelmaker Celsa has finalized the sale of its mills in Britain and Norway to Se.ven GI, the Czech investment fund confirmed on Thursday, following an earlier report by news outlet El Confidencial.
El Confidencial, citing industry sources, reported that the deal was valued at €600 million ($632.10 million), however the company hasn’t confirmed anything yet.
Since February, Celsa, Spain’s largest privately owned industrial group, has been working on selling its foreign assets under a restructuring plan. However, the company’s Polish unit, the largest international holding, is not included in the sale to Se.ven GI.
“The Spanish company will use the proceeds from the asset disposals to reduce debt,” El Confidencial said to Reuters.
A local court in Barcelona in September 2023 approved a multibillion-euro restructuring plan for Spanish steelmaker Celsa. The plan, proposed by the company’s creditors, effectively transferred control of the firm to a consortium comprising Deutsche Bank, Attestor, Anchorage, GoldenTree, and SVP. The decision marks a significant shift in Celsa’s ownership structure amongst its ongoing financial reorganization.