The Elmet Group Co. has entered into a definitive agreement to acquire a 4.99% interest in Vietnam-based Masan High-Tech Materials Corporation for approximately $124.75 million. The strategic investment includes a Shareholders' Agreement granting Elmet board representation rights and establishes commercial offtake agreements for tungsten supply.
Key Details
- Transaction Terms: Elmet will purchase 55,138,174 ordinary shares from Masan Horizon Company Limited for an aggregate price of ~$124.75 million.
- Timeline: The transaction was signed on September 23, 2026, and is expected to close on October 1, 2026, with settlement on October 5, 2026, subject to customary closing conditions.
- Governance Rights: Elmet will have the right to nominate one director to Masan's board as long as it holds at least 80% of the purchased shares. The agreement also includes an 18-month lock-up period for the acquired shares.
- Strategic Agreements: The investment is accompanied by offtake agreements for the supply of tungsten concentrate and blue tungsten oxide, and a break fee of $24.95 million is stipulated under certain termination conditions.