Sidero Inc. entered into an agreement to acquire Harsco Industrial Ikg De Mexico, S.A. De C.V. and Harsco IKG, LLC from Harsco Corporation (NYSE:HSC) for $85 million on January 9, 2020. Out of total consideration, $40 million will be paid in the form of a promissory note, which is expected to be paid over seven years. The consideration is subject to customary closing adjustments. Upon completion of the transaction, IKG will become the second portfolio company of KPS Special Situations Mid-Cap Fund. The transaction is subject to customary closing conditions and approvals. The transaction is expected to close in early 2020. As of January 15, 2020, the transaction is expected to close in the first half of 2020. Harsco expects to use the net cash proceeds from the transaction to reduce debt to further strengthen its balance sheet to pursue growth. Angelo Bonvino, Sarah Stasny, Monica Thurmond, Catherine Goodall, Andrew Gaines, Reuven Falik' David Mayo, Chuck Googe, Peter Fisch, William O'Brien, Marta Kelly and Richard Elliott of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal adviser to KPS Capital Partners, Sidero is a portfolio company of KPS. RBC Capital Markets, LLC is serving as financial advisor to Harsco and Michele L. Connell of Squire Patton Boggs is serving as Harsco 's the legal advisor.