Ignite Luxembourg Holdings S.àr.l. completed the acquisition of 19.95% stake in RHI Magnesita N.V. for £263.36 million.
November 28, 2023
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Ignite Luxembourg Holdings S.àr.l. agreed to acquire a 20% stake in RHI Magnesita N.V. for approximately £270 million on May 30, 2023. The share will be purchased at £28.5 per share. As of June 20, 2023, Ignite Luxembourg Holdings S.àr.l. agreed to acquire a 29.9% stake in RHI Magnesita N.V. for approximately £400 million. The transaction is expected to close in Q3 2023 after regulatory approvals and other customary conditions will be fulfilled. As of June 27, 2023, The Offer is conditional upon the conditions including the receipt of approvals (or confirmation they do not have jurisdiction) from competition authorities in Austria, Germany, India and Mexico and the foreign investment authorities in Austria, France, Germany, Italy, Spain and the United Kingdom. The acceptance period commenced on June 19, 2023 and is expected to expire July 10, 2023. As on September 5, 2023, CCI approves acquisition of up to 29.9% equity shares of RHI Magnesita N.V. by Ignite Luxembourg Holdings S.à r.l.
Barclays PLC (LSE:BARC) acted as financial advisor to Ignite Luxembourg Holdings S.àr.l. Peel Hunt LLP acted as financial advisor to Ignite Luxembourg Holdings S.àr.l. and Peel Hunt LLP acted as financial advisor to RHI Magnesita N.V. Sascha Schulz, Christian Herbst and Volker Weiss of Schönherr Rechtsanwälte Gmbh acted as legal advisor to Ignite Luxembourg Holdings S.àr.l. Sullivan & Cromwell LLP (UK) acted as legal advisor to Ignite Luxembourg Holdings S.àr.l. Citigroup Global Markets Limited acted as financial advisor to Ignite Luxembourg Holdings S.àr.l. Eva Das, Manon Cremers, Pieter Schütte and Michael Molenaars of Stibbe N.V. acted as legal advisor to Rhône Capital.
Ignite Luxembourg Holdings S.àr.l. completed the acquisition of 19.95% stake in RHI Magnesita N.V. for £263.36 million on November 29, 2023.
RHI Magnesita NV, formerly Rhi Mag NV, is an Austria-based company engaged in the refractory industry along the whole value chain. The Company mines, produces and sells high-grade refractory products, which are used for industrial high-temperature processes in a wide range of industries, including steel, cement, non-ferrous metals, glass, and energy, environment and chemical. The Company offers over 120,000 products made from magnesite and dolomite, ranging from bricks and lining mixes to flow control products, such as slide gates, nozzles and plugs. The Company operates over 35 production and raw material sites, a number of technology centers, including in Austria, Brazil, China and the United States, as well as over 70 sales offices around the world. In addition to the sale of refractory products and services, the Company sells certain industrial minerals, the mining and production of which are incidental to its production of refractory products.
RHI MAGNESITA N.V. 
