MBK Partners has completed the acquisition of Japanese aluminium packaging producer Altemira Holdings, a deal that successfully cleared Japan’s economic security review process.
The private equity firm acquired a controlling stake in Altemira from Apollo Global Management. The transaction was valued at approximately JPY 130 billion (USD 811 million) on an enterprise value basis.
The deal comes just weeks after MBK withdrew from its planned acquisition of Makino Milling Machine, which faced objections from Japanese authorities over national security concerns.
According to industry sources, both transactions were reviewed under Japan’s foreign exchange law, which requires government approval for foreign investments in sectors considered important to national security and public safety.
Altemira was formed in 2022 through the integration of parts of the aluminium operations of Resonac Holdings (formerly Showa Denko) and Mitsubishi Materials.
The company manufactures aluminium cans, aluminium foil, rolled products and extruded products. It also operates a recycling network that covers used beverage can collection, processing, casting, rolling and can production.
Because some of its businesses supply materials used in lithium-ion batteries, the acquisition was subject to review by Japan’s Ministry of Economy, Trade and Industry and the Ministry of Finance.
Japan expanded its list of sectors requiring pre-review in 2023, adding industries linked to batteries, battery materials, manufacturing equipment, machine tools and industrial robots.