Milbank LLP advised Vietnamese conglomerate Masan Group Corporation and its portfolio companies in the sale of 100% of H.C. Starck Holding (Germany) GmbH, a leading developer and producer of tungsten metal, chemicals and products, to Japanese materials manufacturer Mitsubishi Materials Corporation. The transaction is expected to close promptly following the attainment of regulatory approvals.
In addition to the acquisition agreement, the parties have agreed to enter into a long-term, win-win ammonium paratungstate and tungsten oxide offtake agreement, in which Masan and its affiliates will continue to supply raw materials required for H.C. Stark’s business operations. Masan will also retain ownership in Nyobolt, a UK-based fast-charging lithium ion battery company, and potential monetary upside from future commercialization of H.C. Starck’s black mass technology and intellectual property.
Milbank partner Jacqueline Chan said: “We are proud of our long-standing history of working with the Masan team and we are truly grateful for their continued trust in us to execute sophisticated, business critical transactions. The bespoke, complex nature of this transaction speaks to the unique problem solving skills of our deal teams and the creative prowess we deploy to help meet clients’ commercial needs.”
Masan engaged a cross-office Milbank deal team based in the firm’s Singapore and Munich offices to seamlessly navigate the cross-border transaction involving Vietnamese, German and Japanese corporate entities. Drawing from a deep, international bench of attorneys, Milbank regularly executes complex cross-border transactions on behalf of leading businesses and financial institutions.
The Milbank deal team was led by Ms. Chan. The Singapore team includes special counsel Min Kim and associates Stephanie Kam and Erin Zhang. The Munich team comprises partners Dr. Martin Erhardt and Dr. Alexander Rinne, special counsel Dr. Nils Bremer and associates Linus Knappe, Dr. Svenja Tauchmann and Florian Weustenfeld. Milbank previously advised Masan on a $200 million investment from Bain Capital and the Series B funding of Nyobolt.
