<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Tata+group">Tata group</a>’s <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Tata+Steel+UK+Ltd">Tata Steel UK Ltd</a> has completed the sale of its entire long products business to investment firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Greybull+Capital+Llp">Greybull Capital Llp</a>.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Tata+group">Tata group</a>’s <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Tata+Steel+UK+Ltd">Tata Steel UK Ltd</a> has completed the sale of its entire long products business to investment firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Greybull+Capital+Llp">Greybull Capital Llp</a>.
Under the agreement signed in April, which will save about 4,800 jobs, Greybull Capital paid a nominal £1 for the entire long-products business and takeover of its assets and liabilities. The deal includes a £400 million investment and financing package for the business, as well as agreements with suppliers and unions on cutting costs.
“As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement program that has been initiated in the last 12 months,” Bimlendra Jha, executive chairman of the Long Products Europe business and chief executive officer of Tata Steel UK, said on Wednesday.
“Employees and trade unions have worked closely with the Long Products Europe management team to improve the business’s prospects, putting it in a more competitive position than it has been for many years,” Jha said.
The completion of this transaction marks the start of the formal sale process of Tata Steel Ltd’s UK assets, which it acquired in 2007 through the $12.9 billion purchase of <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Corus+Group">Corus Group</a>.
Tata Steel signalled its intention to divest the business at the end of March, saying it couldn’t sustain the losses it was taking any longer. The company said that it will consider various restructuring options, including a partial or full sale of its UK assets, putting in jeopardy nearly 15,000 jobs.
The deal with Greybull will save about a third of those jobs—4,400 in the UK in addition to 400 in France.
“The sale follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital to achieve this outcome,” Tata Steel Europe Ltd said in a statement.
Separately, last month, Tata Steel Europe said it had taken forward seven expressions of interest it had received for its entire UK assets to the next stage of the sale process.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/tata-steel-uk-to-sell-its-long-products-business-in-europe-to-greybull-37006/">Tata Steel UK to sell its long products business in Europe to Greybull Capital</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/tata-steel-to-begin-sale-process-of-uk-assets-by-monday-36615/">Tata Steel to begin sale process of UK assets by Monday</a>
<h4>This story was first published on <a style="color: #000080;" href="http://livemint.com">Livemint</a></h4>

Tata group’s Tata Steel UK Ltd has completed the sale of its entire long products business to investment firm Greybull Capital Llp.

Tata Steel UK completes sale of long products business to Greybull Capital

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Tata Steel UK completes sale of long products business to Greybull Capital

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