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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] MBK Partners has completed its acquisition of Altamira Holdings, marking a successful deal just over a month after abandoning its bid for Makino Milling Machine.
Both transactions had been subject to Japan’s foreign exchange and security review framework. However, while the Makino deal failed to pass regulatory scrutiny due to its close ties to the defense supply chain, Altamira’s business was deemed less sensitive in terms of national security.
According to investment banking sources on June 8, MBK Partners recently finalized the acquisition of a controlling stake in Altamira from Apollo Global Management. The deal values the company at approximately 130 billion yen (about 1.2 trillion won) on an enterprise value basis.
Altamira was established in 2022 through the integration of aluminum businesses from Resonac Holdings (formerly Showa Denko) and Mitsubishi Materials. The company produces aluminum cans, foil, and rolled and extruded products, and operates a full recycling value chain—from used beverage can collection to slab casting, coil rolling, and finished can production.
The key variable in the transaction was Japan’s foreign exchange law review process, which requires prior notification and approval for foreign investments in sectors that may affect national security, public order, or safety. Given Altamira’s involvement in aluminum materials and manufacturing, the review was conducted by Japan’s Ministry of Economy, Trade and Industry and Ministry of Finance.
Altamira was subject to review partly because certain segments—such as aluminum foil and rolled products—are linked to lithium-ion battery supply chains. Since 2023, Japan has expanded its pre-screening scope to include battery-related materials, manufacturing equipment, machine tools, and industrial robotics.
MBK Partners secured regulatory approval last month after approximately two months of review—an outcome that contrasts sharply with the Makino case. In April, Japanese authorities recommended suspending MBK’s tender offer for Makino shares, citing concerns that its high-precision machine tools could be used in defense applications such as aircraft engines, rockets, and missile components.
Industry observers note that the differing outcomes reflect how closely each target company’s technology is tied to defense applications. While Altamira has some exposure to battery materials, its core business is concentrated in aluminum packaging and recycling, reducing concerns over potential technology transfer.
Following the acquisition, MBK Partners is expected to accelerate its expansion across Asia by leveraging Altamira’s aluminum can and foil manufacturing capabilities, as well as its production base in Vietnam. Growth strategies are also likely to focus on higher value-added industrial products.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
