OM Group exits its Advanced Materials business for $465 million
Clients OM Group, Inc.
Jones Day advised OM Group, Inc. in the sale of its Advanced Materials business for $465 million. The transactions include the sale of the downstream portion of the business, including its cobalt refinery assets in Kokkola, Finland, to a joint venture to be held by Freeport-McMoRan Copper & Gold Inc. (56 percent), Lundin Mining Corporation (24 percent), and La Générale des Carrières et des Mines (Gécamines) (20 percent), for total potential consideration of up to $465 million, comprised of initial cash consideration of $355 million and potential future payments of up to an additional $110 million based on the business achieving certain revenue targets.
In addition to M&A representation, Jones Day provided antitrust, environmental, and employee benefits advice regarding this transaction.