Aurubis AG’s €380 Million Acquisition of Belgian-Spanish Metallo Group

Sidley advised TowerBrook Capital Partners on the sale

Aurubis AG signed a share purchase agreement for the acquisition of the Belgian-Spanish Metallo Group to continue actively pursuing its recycling strategy. Metallo Holdings is owned by funds managed by TowerBrook Capital Partners, a leading transatlantic investment firm. Metallo is a recycling and refining company that specializes in recovering non-ferrous metals from recycling materials with lower metal contents. The company has around 530 employees at locations in Belgium and Spain. In fiscal year 2018, Metallo generated revenues of approximately € 1 billion. The share purchase agreement stipulates a purchase price of € 380 million, which will be financed without a capital increase.

The acquisition of Metallo, with its attractive growth potential, strengthens Aurubis’ metal portfolio, especially in the key metals copper, nickel, tin, zinc, and lead. The Metallo Group complements the investment project Future Complex Metallurgy (FCM), with which Aurubis will process a higher volume of complex input materials.

Metallo’s “zero-waste” business model aims to process all materials used into valuable and marketable products and thus make an important contribution to the recycling economy. This increases Aurubis’ contribution to sustainability.

The sale is subject to European Commission antitrust approval.

Sidley’s London-based team was led by partners Erik Dahl (Picture) and Christian Iwasko (Private Equity), with support from partners Patrick Harrison (Antitrust/Competition), Oliver Currall (Tax), Bryan Robson (Global Finance), Susan Fanning (Labor, Employment and Immigration), Andrew Fox (Commercial Litigation and Disputes), William Long (Privacy and Cybersecurity) and Munich-based partner Dr. Björn Holland (Private Equity). The team in London also included counsel Jade Williams-Adedeji (Real Estate) and associates Michelle Tong (Private Equity), Priya Rupal (Private Equity), Hui Zhen Gan (Private Equity), Yeawon Kim (Private Equity), Jason Menzies (Tax), William Gwyn (Global Finance), Iram Tariq (Global Finance), Kyle Le Croy (Antitrust/Competition), Monika Zdzieborska (Antitrust/Competition), Peter McCorkell (Labor, Employment and Immigration), Francesca Blythe (Privacy and Cybersecurity), Samantha Walker (Insurance) and Brussels-based associates Justine Fassion (Global Arbitration, Trade and Advocacy) and Jakob Dewispelaere (Antitrust/Competition).

Involved fees earner: Francesca Blythe – Sidley Austin LLP; Oliver Currall – Sidley Austin LLP; Erik Dahl – Sidley Austin LLP; Jakob Dewispelaere – Sidley Austin LLP; Susan Fanning – Sidley Austin LLP; Justine Fassion – Sidley Austin LLP; Andrew Fox – Sidley Austin LLP; William Gwyn – Sidley Austin LLP; Patrick Harrison – Sidley Austin LLP; Björn Holland – Sidley Austin LLP; Christian Iwasko – Sidley Austin LLP; Yeawon Kim – Sidley Austin LLP; Kyle Le Croy – Sidley Austin LLP; William Long – Sidley Austin LLP; Peter McCorkell – Sidley Austin LLP; Jason Menzies – Sidley Austin LLP; Bryan Robson – Sidley Austin LLP; Priya Rupal – Sidley Austin LLP; Iram Tariq – Sidley Austin LLP; Michelle Tong – Sidley Austin LLP; Samantha Walker – Sidley Austin LLP; Jade Williams-Adedeji – Sidley Austin LLP; Monika Zdzieborska – Sidley Austin LLP; Hui Zhen Gan – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: TowerBrook Capital Partners L.P.;