Trasteel SPAC Merger Values Business at $1.3B, Sets Nasdaq TSTL Listing
SZZL•Trasteel Holding S.A. will combine with Sizzle Acquisition Corp II in a SPAC deal valuing the business at $1.3 billion pro forma enterprise value and $800 million pre-money equity based on no redemptions. The deal carries $184 million net debt, will list as TSTL; expected to close by year-end 2026.
1. Transaction Overview
Trasteel Holding S.A. has signed a definitive business combination agreement with Sizzle Acquisition Corp II under which Trasteel will merge into the SPAC and become a publicly traded company. Upon closing, the combined entity will trade on Nasdaq under the ticker TSTL.
2. Valuation Breakdown
The transaction implies a pre-money equity value of $800 million and a pro forma enterprise value of approximately $1.3 billion, assuming no redemptions by public shareholders. The deal includes an estimated $184 million of net debt and existing Trasteel shareholders will roll 100% of their equity into the public company.
3. Trasteel Business Profile
Headquartered in Lugano, Switzerland and Luxembourg, Trasteel has operated for 17 years as a leading European steel trading and processing firm. It maintains 13 industrial facilities across six countries, serves over 4,000 customers, and conducts business in more than 60 nations.
4. Closing Conditions & Timeline
The merger is subject to approvals from both Trasteel and Sizzle II shareholders as well as customary closing conditions for a public listing. The transaction is targeted to close by the end of 2026.
