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OM Group Buys Vacuumschmelze From One Equity for $1 Billion

OM Group Inc., the world’s largest cobalt producer, will buy Vacuumschmelze GmbH & Co. KG from One Equity Partners LLC in a transaction worth about 700 million euros ($1 billion).

One Equity will receive $50 million in OM Group shares, equal to a 4 percent stake, under the terms of the agreement to purchase the Hanau, Germany-based maker of advanced materials and specialty magnetics for the automotive and electronics industries, the company said in a statement. The deal is expected to close by the end of the third quarter and is subject to regulatory approvals.

One Equity Partners, the private investment arm of JPMorgan Chase & Co., had bought Vacuumschmelze in 2005 for $529 million from Morgan Crucible Co. The takeover marks the largest purchase of a maker of advanced materials in at least a decade, according to Bloomberg data.

Vacuumschmelze had sales of about 389 million euros and an operating profit of 78 million euro in the 12 months ending March 31, and employs 4,500 people. OM Group will finance the deal through a combination of cash, stock and committed financing from Bank of America-Merrill Lynch, PNC Capital Markets LLC, and BNP Paribas SA.

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