Debevoise Advises TPG Growth in U.S. Steel’s Investment in Big River Steel, in Transaction Valuing Big River Steel at $2.325 Billion

3 October 2019

Debevoise & Plimpton LLP is advising TPG Growth, an equity holder of Big River Steel Holdings LLC (“Big River”), in a transaction in which Big River will receive $700 million in cash from United States Steel Corporation (“U.S. Steel”) (NYSE: X) in return for a minority ownership interest. Under the terms of the transaction, which assumes a $2.325 billion enterprise value, U.S. Steel will hold a 49.9% ownership interest in Big River Steel and an option to acquire the remaining 50.1% interest. Upon completion of the transaction, an affiliate of TPG Growth will remain a preferred equity holder of Big River. For more information, please read the press release.

TPG Growth is a $14.5 billion investment manager that specializes in growth equity and middle-market buyout opportunities. Big River Steel provides steel products to customers in the automotive, energy, construction and agricultural industries. United States Steel Corporation is a leading integrated steel producer and Fortune 250 company with major operations in the United States and Central Europe.

The Debevoise team is led by corporate partners Kevin Schmidt and Chris Anthony and includes tax partner Peter Furci, corporate associates Jennifer Barrows, Matthew Delja and Ryan Rafferty and tax associate Sam Duncan.