Latham & Watkins Advises Sequa Corporation in US$1.28 Billion Sale of Precoat Metals Business to AZZ Inc.

AZZ Inc. (AZZ) (NYSE: AZZ), a global provider of galvanizing and metal coating solutions, welding solutions, specialty electrical equipment and highly engineered services for maintaining and building critical infrastructure, and Sequa Corporation (Sequa), a portfolio company of global investment firm Carlyle (NASDAQ: CG), have jointly announced that they have entered into a definitive agreement whereby AZZ will acquire Sequa's Precoat Metals business division (Precoat) for a purchase price of approximately US$1.28 billion. When adjusted for the net present value of approximately US$150 million of expected net tax benefits, the net purchase price is approximately US$1.13 billion, which represents approximately 8.2x Precoat's adjusted EBITDA for the twelve months ended December 31, 2021.

Latham & Watkins LLP represents Sequa in the transaction with a corporate deal team led by Washington, D.C. partner David Dantzic, with Washington, D.C. counsel Elizabeth More and associates Ryan Zumwalt and Kelsey Schutte. Advice was also provided on tax matters by New York partners David Raab and Alan Kimball; on benefits and compensation matters by Washington, D.C. partner David Della Rocca, with associate Nikhil Kumar; and on environmental matters by Washington, D.C. partner James Barrett.