Syntagma Capital has entered into exclusive negotiations with Eramet to acquire Erasteel, a global leader in the conventional and powder metallurgy of high-speed steels used for high performance machining, drilling and cutting tools. Erasteel is the only player in the world dedicated to High-Speed Steels with comprehensive know-how of design, development, production, atomization, processing and direct sales of conventional and Powder Metallurgy (ASP®/ PEARL®) High-Speed Steels. Erasteel is a privileged partner of industry: automotive, motorsports, aeronautics, electronics, energy, construction, high value-added tooling, etc. In addition, Erasteel has unique metal recycling capabilities in Europe, offering sustainable solutions for the recovery of batteries, catalysts and metals. The business employs 850 employees across its six sites in France, Sweden and China. In 2022, Erasteel generated EUR 275 million in revenues serving primarily the aerospace, automotive and industrial sectors.The proposed transaction, which will be submitted to the required information and consultation of works councils, is subject to definitive agreement which will include the fulfillment of customary closing conditions, including regulatory approvals, and would be expected to be completed by the end of the first half of 2023.Syntagma Managing Partner Mr Frank Coenen said “We intend to leverage our global experience in metals and Erasteel’s extensive R&D and technical know-how, global presence and strong customer relationships to further enhance its growth, both organically and through targeted M&A. We also intend to accelerate the development of the recycling division of Erasteel in France.”Eramet had miner signed an agreement with a consortium of Airbus, Safran and Tikehau Ace Capital to sellits lossmaking subsidiary Aubert & Duval in June 2022. The divestment of Aubert & Duval is expected to be completed at the end of March. Together with Erasteel, Aubert & Duval is part of Eramet’s high-performance alloys division.