Celsa sells 20% of shares to investment company CriteriaCaixa

Investment holding company CriteriaCaixa has reached a preliminary agreement to acquire a 20% stake in Spanish steelmaker Celsa Group through a capital increase. This is stated in the message of CriteriaCaixa.

As noted, the board of directors of Celsa Group approved the continuation of negotiations to include Criteria as a relevant shareholder. The transaction is expected to be completed in the coming weeks.

The strategy of the companies is consistent with the desire to promote industrial activity in a key sector for the Spanish economy. Through this alliance, the parties will consolidate Celsa’s financial restructuring strategy and advance its industrial plan, which is already underway.

Celsa has initiated a process to find a domestic investor in line with its commitments to the Spanish government. Out of the five proposals submitted, CriteriaCaixa’s proposal was selected. The steelmaker evaluated the strategic fit, reputation and experience of this bidder.

If the deal goes through, it will reinforce Criteria’s goal of investing in industrial companies in highly attractive sectors with growth and value creation potential, as identified in its 2030 strategic plan. This investment is part of the company’s private equity portfolio, which is expected to reach a value of €4 billion by 2030.

Last November, Celsa announced the sale of its plants in the UK and Northern Europe – Celsa Steel UK and Celsa Nordic – to the Czech investment fund Sev.en Global Investments (Sev.en GI). This decision is an important step in the Spanish steelmaker’s plan to reduce its debt burden and optimize its business.