Canada's Algoma Steel In Talks With Legato To Go Public Via SPAC Merger: Bloomberg

Canada’s Algoma Steel Inc. is in talks with Legato Merger Corp LEGO to go public through a SPAC merger, according to Bloomberg.

• The deal is expected to value the entity at more than $1 billion. 
• The talks are in the preliminary stage, and the terms still could change or collapse.
• Based out of Sault Ste. Marie, Ontario, Algoma is a producer of hot- and cold-rolled steel products. 
• In January, blank-check firm Legato was able to raise about $236 million in an initial public offering.
• Legato is led by a management team including David Sgro, Eric Rosenfeld and Brian Pratt. Chief Executive Officer Michael McQuade leads Algoma.

Photo: algoma.com