Private equity fund (PEF) manager MBK Partners will acquire a Japanese aluminum company. The deal is reportedly worth about 1.1 trillion won.
On the 11th, according to the investment banking (IB) industry, MBK will acquire 100% of the equity in Altemira held by U.S. fund Apollo Global Management. Altemira ranks second in aluminum can manufacturing market share in Japan and Vietnam. Annual revenue is about 200 billion yen (1.873 trillion won).
MBK also obtained approval from local authorities for this acquisition. Japan designates corporations it deems important to national security as a "core sector," requiring prior screening when a foreign investor invests. Because Altemira produces components for lithium-ion batteries, prior screening was required.
On the 11th, MBK's acquisition of Makino Milling Machine was canceled following a suspension recommendation by the Japanese government, but the Altemira acquisition is expected to be finalized with government approval. The deal is said to close at the end of this month.
After acquiring Altemira, MBK plans to acquire additional companies in similar sectors. The strategy is to scale up through acquisitions of corporations in related businesses and then upgrade the operations.