CERHA HEMPEL has advised RHI Magnesita GmbH ("RHI Magnesita") in connection with the acquisition of shareholdings in several Seven Refractories subsidiaries operating in Europe, India and US for a purchase price of approx. EUR 93 million. Seven Refractories is a specialist supplier of non-basic monolithic refractory mixes with broad applications across all the Company’s customer segments including iron and steel, cement, aluminium and non-ferrous metals. Non-basic refractory mixes are expected to become increasingly important with the development of new low CO2 emitting manufacturing technologies within RHI Magnesita’s key customer industries. Products offered by Seven Refractories range from low temperature fireclay to ultra-high temperature zircon mixes, high-grade alumina mixes and sustainable taphole clay with a low CO2 footprint. Seven Refractories employs around 240 staff at its production sites in Slovenia, India and the US and at its sales offices and service centres in Cyprus, Germany, Italy and the United Kingdom. The businesses to be purchased in the acquisition recorded revenues of EUR 105 million and profit before tax of EUR 11.4 million in 2022.
RHI Magnesita, which is registered in the Netherlands and listed on the London Stock Exchange and Vienna Stock Exchange, is a group of companies that is a global leader in the production of refractory products. In the refractories sector, RHI Magnesita has the largest number of locations around the world and the most innovative, reliable products and services.
Closing is subject to regulatory approvals.
RHI Magnesita’s transaction core team consisting of General Counsel Ticiana Kobel, Head of M&A Simon Kuchelbacher and Senior Managers Anna Moroz, Michael Schustereder and Laura Laubichler and CERHA HEMPEL planned and structured the transaction and together with RHI Magnesita’s local counsels provided legal support to RHI Magnesita.
CERHA HEMPEL acted as lead and transaction counsel for RHI Magnesita. The team at CERHA HEMPEL consisted of Albert Birkner (Managing Partner, Corporate/M&A, Takeovers), Martin Eichinger (Senior Associate, Corporate/M&A, Takeovers), Jakob Weber (Associate, Corporate/M&A, Takeovers), Liliana Niederhauser (Associate, Corporate/M&A, Takeovers), Anna Wolf-Posch (Partner, Antitrust), Michael Mayer (Counsel, Antitrust) and Zakar Stepanyan (Associate, Antitrust).
CERHA HEMPEL was assisted by Matjaž Ulčar (Managing Partner, Corporate/M&A) and Barbara Ulčar (Partner, Corporate/M&A) from Ulčar & Partnerji as Slovenian local counsel, Simon Schmid (Partner, Corporate/M&A) and Ribana Piontek (Senior Associate, Corporate/M&A) from Clifford Chance Düsseldorf as German local counsel, Ashutosh Khaitan (Managing Partner, Corporate) and Hridyansha Chugh (Associate, Corporate) from Khaitan & Khaitan as Indian local counsel, Sven von Mensenkampff (Partner, Corporate Finance) and Ilaria Stassano (Associate, Corporate Finance) from Legance as Italian local counsel, Valentina Hadjisoteriou (Counsel, Corporate) and Iphigenia Georgiou (Associate, Banking & Finance) from Harneys as Cypriot local counsel, Erwin Destuyver (Partner, Corporate/M&A) and Michiel Stuyts (Senior Associate, Corporate/M&A) from Eubelius as Belgian local counsel and Naomi Kwang (Partner, Corporate/M&A) and James Collins (Associate, Corporate/M&A) from Barnes & Thornburg as US local counsel.