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Asian private equity firm MBK Partners is set to acquire Japanese aluminium can producer, Altemira Holdings Co. in a deal valued at around YEN 117.5 billion (USD 760 million), according to industry sources.
{alcircleadd}The acquisition involves MBK Partners acquiring 100 per cent of Altemira from US-based investment firm Apollo Global Management. Altemira is the second-largest aluminium can manufacturer by market share in both Japan and Vietnam, with annual revenue estimated at approximately YEN 200 billion (USD 1.29 billion).
MBK Partners has already cleared the preliminary review required under Japan’s foreign exchange regulations for foreign acquisitions involving companies operating in designated core sectors. According to sources, the screening was triggered because some of Altemira’s materials are used in lithium-ion batteries, an area considered strategically sensitive.
Japan requires prior government screening when foreign investors seek to acquire domestic companies involved in sensitive industries. Despite the scrutiny, MBK reportedly received approval from Japanese authorities for the Altemira transaction, and the deal is expected to close by the end of this month.
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The acquisition comes shortly after MBK Partners withdrew its planned tender offer for Japanese machine tool maker Makino Milling Machine Co. Japanese authorities had urged the fund to cancel the bid under foreign exchange law due to concerns that Makino’s high-performance machine tools could potentially be diverted for military use.
Following the Altemira acquisition, MBK is reportedly planning further expansion in related industrial sectors. The private equity firm aims to grow its presence through additional acquisitions and operational upgrades in similar manufacturing businesses.
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