Olin’s Acquisition of K.A. Steel

On July 18, 2012, Olin Corporation announced that it has signed a definitive agreement to acquire privately held K.A. Steel Chemicals, Inc. (KA Steel), on a cash and debt-free basis, for $328 million in cash, subject to certain post-closing adjustments. Cravath represented Olin in connection with this transaction. KA Steel, headquartered in Lemont, Illinois, is one of the largest distributors of caustic soda in North America and one of the leading bleach manufacturers in the Midwest. Olin expects to finance the acquisition using a combination of cash on hand and existing borrowing facilities. The closing of the acquisition is conditioned upon regulatory approval and other customary closing conditions and is expected to occur by the end of the third quarter of 2012.

The Cravath team included partners Robert I. Townsend III and George F. Schoen and associate Michael S. Darby on M&A matters; partner Michael L. Schler and associates William B. Abbott and Rachel H. Kiwi on tax matters; practice area attorney M.C. Tania Balthazaar on executive compensation and benefits matters; partner Matthew Morreale and senior attorney Annmarie M. Terraciano on environmental matters; and senior attorney John Gerhard and practice area attorney Joyce Law on real estate matters. Summer associates Debra Aboodi and Charles Griffin also worked on M&A matters.