Usiminas Buys Mining Assets for $1.85bn

Brazilian steel company Usiminas has agreed to purchase three mining operations in Brazil for a total of $1.85bn, say people close to the deal. The company told the CVM over the weekend it bought J. Mendes, Somisa and Global Mineraçao for an initial payment of $925m. The deal includes an earnout agreement whereby Usiminas will pay an additional $925 based on the performance of the assets. Credit Suisse advised J. Mendes on the sale of the asset. Separately, Usiminas is heard to have just hired investment banks to arrange a syndicated loan.