Algoma Steel to go public via merger with Legato: Reuters

Canadian steelmaker Algoma Steel is becoming a Nasdaq listed company through a merger agreed with New York-based blank-check firm Legato Merger Corp.

Canadian steelmaker Algoma Steel is becoming a Nasdaq listed company through a merger agreed with New York-based blank-check firm Legato Merger Corp, Reuters reported. The deal will value the combined company at more than $1 billion. It is also expected to provide Algoma with $306 million of capital, including a $100 million fully committed private placement with key investors.

Read the Reuters story here.