Essar Global completes acquisition of Algoma Steel for US$1.85 billion

On June 20, 2007, Essar Global announced that it had completed the acquisition of Algoma Steel Inc. through its wholly owned subsidiary, Essar Steel Holdings Limited. Essar acquired the company at a valuation of $1.85 billion. India Business Law Journal named this transaction one of the landmark India-related business deals of 2007. Jon Levin of Fasken Martineau advised the special committee of the board of directors of Algoma in this transaction.