Befesa S.A. (XTRA:BFSA) entered into an agreement to acquire American Zinc Recycling Corp. from American Zinc Recycling LLC and others for $450 million on June 16, 2021. Additionally, Befesa will invest $10 million for a minority stake in AZR’s downstream refining operation in Rutherford County, NC, American Zinc Products (“AZP”), forming a joint venture with the current ownership i.e. As part of the agreement, Befesa will also acquire a minority stake of 6.9% of the equity interests in American Zinc Products LLC ("AZP"), AZR's zinc refining subsidiary, for $10 million with the option to acquire the remaining 93.1% of the equity interests in AZP for a consideration of USD 135 million (subject to customary adjustments), plus an additional earn out in an amount of up to $29 million. The acquisition will be financed through a capital increase and a pre-approved term loan B (TLB) add-on of EUR 90 million, maintaining Befesa's leverage ratio at similar levels post acquisition. AZP employees will remain with the joint venture. The combined company will include all employees in AZR’s recycling business, and will operate under the Befesa name. The International Metals Reclamation Company (INMETCO), will continue to be a wholly owned subsidiary of AZR and operate as a standalone business. The transaction is subject to antitrust approval, regulatory approvals and other customary closing conditions. The expected closing date of the transaction is Q3 2021. BMO Capital Markets Corp. acted as a financial advisor to American Zinc Recycling Corp. and Iain Wood, Nicholas Houpt, Evan Goodman and William Pelak of Akin Gump Strauss Hauer & Feld LLP acted as a legal advisors to American Zinc Recycling Corp. Rohan Sawhney of Citigroup Inc. (NYSE:C) . acted as a financial advisor to American Zinc Recycling Corp. Noerr LLP acted as legal advisor to Befesa S.A. (XTRA:BFSA) Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Befesa S.A. (XTRA:BFSA) Befesa S.A. (XTRA:BFSA) completed the acquisition of American Zinc Recycling Corp. from American Zinc Recycling LLC and others on August 19, 2021. AZR reports that it will continue to own a majority interest in American Zinc Products with a U.S. subsidiary of Glencore S.A. continuing to own the remaining interests. As part of the transaction, AZR LLC will be renamed Metals Recovery Holdings LLC. Michael Griffin will become president and CEO of AZR LLC. Andrew Repine will become chief financial officer of AZR.