Sizzle II and Trasteel Agree to $800 Million Share Merger at $10 Per Share

TL;DR Sizzle II and Trasteel Holding S.A. signed a Business Combination Agreement to exchange $800 million in newly issued shares at $10 per share.

Context Sizzle Acquisition Corp. II (ticker SZZLU) is a Cayman‑Islands SPAC that listed on Nasdaq in early 2025. On April 12, 2026 its units closed at $11.20, up 2.3% year‑to‑date, giving the vehicle a market capitalization of roughly $1.2 billion. Trasteel Holding S.A., a Luxembourg‑based steel producer, trades privately and has reported annual revenue near $1.5 billion.

Key Facts The Business Combination Agreement was executed on April 13, 2026. Sellers of Trasteel will receive Pubco ordinary shares worth $800 million, with each share priced at $10, implying 80 million shares issued. Prior to closing, each Sizzle II unit will be separated into one Class A ordinary share (ticker SZZL) and one right (ticker SZZLR); the rights will later convert into additional Class A shares at a 1‑for‑10 ratio.

What It Means The transaction values the combined entity at approximately $2.0 billion, placing it above the median $1.6 billion size of SPAC deals completed in 2025. For Sizzle II investors, the unit split means they will hold both shares and tradable rights, potentially increasing liquidity. The $10 share price implies a 10.7% premium to SZZLU’s $11.20 unit price on the day before the announcement, after adjusting for the split.

Watch for the upcoming shareholder vote expected in late May 2026 and the final closing date, which will determine when the new Pubco shares begin regular trading on Nasdaq under the ticker SZZL.