MBK Partners agreed to acquire Altemira Holdings, one of Japan's largest aluminium can makers, from funds managed by Apollo, according to reports on 12 May.
Deal terms and financing
Terms were not disclosed. Industry sources put the value at about ¥117.5bn. Altemira's annual revenue is estimated at about ¥200bn.
Regulatory approvals and timing
MBK passed Japan's prior screening under the foreign exchange law, which applied because some of Altemira's materials are used in lithium-ion batteries. Apollo announced on 3 June 2026 that the sale had been completed.
Market context
Altemira was created in April 2022 by combining the aluminium can and foil business of Showa Denko (now Resonac) with Mitsubishi Materials' aluminium can and rolled and extruded products business. It runs a closed-loop recycling chain from used beverage can collection to rolling and can-making. The deal came shortly after MBK withdrew a planned tender offer for Makino Milling Machine at the urging of Japanese authorities.
