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Emirates Global Aluminium (EGA) is set to fully acquire German aluminum recycling firm Leichtmetall Aluminium Giesserei Hannover from Leichtmetall Holding after signing a binding sale and purchase agreement, according to a press release. The transaction, subject to regulatory approvals, is anticipated to close in 1H 2024. No details were given on the value of the offer on the table.
The acquisition helps bring EGA closer to Europe: “This acquisition provides EGA a platform to develop a recycling business close to our customers in Europe, contributing to the emerging circular economy and building on our existing position as one of the biggest importers of primary aluminum on that continent. Leichtmetall will grow as part of EGA,” EGA CEO Abdulnasser Bin Kalban said.
More on Leichtmetall: Leichtmetall specializes in manufacturing hard alloy billets, up to 1.1k millimeters in diameter, for crafting high load-bearing extruded profiles and large forged components, with clientele across Europe, especially in Germany, Italy, and France.
IN OTHER M&A NEWS-
Emirates Stallions Group (ESG) acquired an additional 40% stake in interior design firms Vision Factory and Decovision, according to a statement (pdf). The International Holding Company subsidiary now holds full ownership of Vision Factory following a previous acquisition of a 60% stake in 2022. ESG’s stake in Decovision now stands at 85%, having previously acquired a 45% stake in 2022.
