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Pritzker family buying TMS in $1B deal

PITTSBURGH — TMS International Corp. said Monday that it’s selling itself to members of the Pritzker family in a cash deal it valued at about $1 billion, including refinanced third-party debt.

Pittsburgh-based TMS provides outsourced industrial services to steel mills. It operates 81 customer sites in 12 countries, along with 36 brokerage offices from which it buys and sells raw materials.

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The Pritzker family, one of America’s wealthiest, operates a global industrial conglomerate and founded the Hyatt chain of hotels.

TMS stockholders will get $17.50 in cash for each share of their TMS Class A and Class B common stock. The price represents a 12 percent premium over the company’s Friday closing stock price.

TMS, which went public in 2011, said the deal boosts returns for its shareholders and positions it to expand globally as a privately held company.

The deal, which remains subject to antitrust approval, has been backed by the TMS board.

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