Stibbe advised Rhône Capital on a public cash offer for equity stake in RHI Magnesita

NL Law

Stibbe advised Rhône Capital on a public cash offer for up to 29.9% of the share capital in RHI Magnesita N.V. The offer document was published on 19 June 2023 following an announcement of the intended transaction on 30 May 2023.

Ignite Luxembourg Holdings Sarl, a company indirectly managed by Rhone Holdings VI LLC, is offering to buy an up to 29.9 % stake in RHI at GBP 28.50 per share in cash, thereby valuing all of RHI Magnesita at GBP 1.34bln (approx. EUR 1.57bln). The transaction is expected to close in Q3 2023 after regulatory approvals and other customary conditions have been fulfilled.

RHI Magnesita is a global supplier of high‐grade refractory products, systems and solutions critical for high‐temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non‐ferrous metals and glass. The company has around 13,500 employees in 33 production sites and more than 70 sales offices. Its registered seat is in the Netherlands and its shares are traded on the London and Vienna stock exchanges.

In this transaction, the Stibbe team worked closely with Sullivan & Cromwell, London, and Schoenherr, Vienna.