Reliance Steel & Aluminum Co. (NYSE: RS) has closed on a $786 million deal for Metals USA Holdings Corp.

The purchase price works out to $20.65 per share in cash. The deal also includes $454 million in debt, which Reliance will assume, bringing the total deal value to about $1.2 billion.. The deal was announced in February. 

Fort Lauderdale, Fla.-based Metals produces heavy carbon steel, flat-rolled steel, non-ferrous metals and other building products.

Reliance, headquartered in Los Angeles, processes metals and distributes metal products.

Metals will operate as a wholly-owned subsidiary of Reliance. The deal gives the buyer 48 service centers in the U.S.

Manufacturing industry