Global law firm White & Case has advised Toyota Tsusho Corporation on its $1.34 billion acquisition of North American metal recycling and steel manufacturing company Radius Recycling.
The transaction values Radius at $30 per share in cash, representing a premium of nearly 120 percent over its closing share price prior to the announcement. The deal is expected to close in the second half of 2025, subject to regulatory approvals and standard closing conditions.
According to the terms disclosed, Toyota Tsusho plans to integrate Radius recycling capabilities with its own operations to create a closed-loop supply chain focused on recycled materials. This strategic acquisition will enhance the supply of high-quality recycling materials in North America and support global efforts to decarbonise manufacturing.
The White & Case team advising on the transaction was led by partners Nels Hansen, Jun Usami, and Shino Asayama (all based in Tokyo), with support from partners Sasha Belinkie (New York), David Pezza (Chicago), and Heather Greenfield (Washington, DC). Local partners David Albagli and Lorraine Yip (both Tokyo), counsel Takako Onoki (Tokyo), Laura Mulry (Los Angeles), and Samantha Rozell (Chicago), as well as associates Shintaro Kitayama, Brendan Harvey, Ayako Onishi, Zoey Zhu, and Maoko Kamiya (all Tokyo), Brandon Dubov and Gabriella Klein (both New York), Cynthia Gu (Chicago), Dara Brown, Tyrone Crawford, Naari Ha (all Washington, DC), Yuhan Wang (Silicon Valley), and Johannes Wiehe (Düsseldorf), also contributed to the effort.