[Alpha Biz= Paul Lee] MBK Partners has agreed to acquire Altemira Holdings from Apollo Global Management in a deal valued at approximately KRW 1.1 trillion, according to investment banking sources on May 11.

MBK will acquire a 100% stake in Altemira for JPY 117.5 billion (approximately KRW 1.101 trillion). Altemira produces aluminum cans and industrial aluminum components, generating annual revenue of around JPY 200 billion (KRW 1.87 trillion). The company ranks No. 2 in Japan’s aluminum can manufacturing market, following Toyo Seikan Group Holdings.

The parties have already signed a share purchase agreement (SPA), with closing expected later this month.

MBK has secured prior regulatory approval from Japanese authorities for the acquisition. Under Japan’s Foreign Exchange and Foreign Trade Act, foreign investors must file for prior notification and undergo screening when investing in sectors deemed critical to national security. According to the Nikkei, Altemira falls under this category as it produces materials used in lithium-ion batteries, a key component in advanced industries such as secondary batteries. The approval process reportedly took about two months.

Altemira was established in 2022 through the integration of the aluminum businesses of Resonac Holdings (formerly Showa Denko) and Mitsubishi Materials. Apollo had previously acquired these businesses and consolidated them into Altemira, while also expanding its recycling operations in Japan.

Market observers expect MBK to pursue a “bolt-on” strategy following the acquisition, potentially adding similar businesses through mergers and acquisitions to enhance operational capabilities.

The deal is also seen as a signal that MBK is regaining investment momentum. The firm has recently explored acquisitions such as Japan-based machine tool maker Makino Milling Machine, after a period focused on portfolio restructuring, including the potential sale of Golfzon County. Analysts say MBK may resume domestic investments as well if suitable opportunities arise.

 

 

 

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