Sizzle Acquisition Corp. II (Nasdaq: SZZL) is a blank check company incorporated in the Cayman Islands in 2024. The company completed its $200 million initial public offering in April 2025 with the objective of identifying a prospective target business, initially focusing on sectors such as restaurants, hospitality, retail, consumer goods, and industrials. In April 2026, Sizzle II entered into a definitive business combination agreement with Trasteel Holding S.A., a European steel trading and processing powerhouse headquartered in Switzerland and Luxembourg. Trasteel operates a dual business model, generating approximately 50% of its sales from global trading operations—covering steel, raw materials, non-ferrous metals, and energy—and the remaining 50% from industrial steel transformation. Trasteel's industrial division operates 13 factories across six countries and serves a diverse base of over 4,000 customers worldwide, generating approximately $1.82 billion in net sales in 2025. The proposed merger values Trasteel at a pre-money equity value of $800 million and implies a pro forma enterprise value of approximately $1.3 billion. The transaction is expected to close by the end of 2026, subject to shareholder and regulatory approvals. Following the merger, the combined company will be listed on the Nasdaq under the new ticker symbol 'TSTL'.
