Mitsubishi Materials Corporation entered into a framework agreement to acquire H.C. Starck Holding GmbH from Masan Tungsten Limited Liability Company.

Mitsubishi Materials Corporation (TSE:5711) entered into a framework agreement to acquire H.C. Starck Holding GmbH from Masan Tungsten Limited Liability Company on May 14, 2024. As of May 29, 2024, Mitsubishi Materials Corporation (TSE:5711) entered into a definitive agreement to acquire H.C. Starck Holding GmbH from Masan Tungsten Limited Liability Company for $130 million. For the period ended December 31, 2023, H.C. Starck Holding GmbH had ?334 million in net sales.

Use of proceeds from the envisaged transactions will be to reduce MHT's outstanding debt balance. Binding agreements between the Parties shall be subject to further discussions and customary corporate approvals. The closing of the transaction is expected by the end of 2024 and is subject to customary corporate and regulatory approvals.

This acquisition is scheduled to be completed by the end of March 2025 after necessary internal procedures and approval from authorities. UBS AG Singapore Branch acted as the financial advisor to MHT.