Celsa Group initiates stake sale process with Spanish investor

Celsa Group announced that an Operational Efficiency Plan is developed with the consulting firm Bain. It was announced that the investments required for the implementation of the plan are to be financed through the capital increase that was approved at the General Shareholders' Meeting. The divestment of some assets outside Spain is also announced. Following these steps, Celsa Group announced that it has initiated the process of acquiring an industry-focused Spanish investor to acquire a 20% stake in the company.

Celsa Group's process to acquire a Spanish investor is consistent with the existing shareholders' commitments to the government. This process is reported to be supported by Grant Thornton as financial advisor and Citigroup as private placement advisor to determine the fair market value of the company.