Tega and Apollo Funds consortium to acquire Molycop
Tega Industries in consortium with funds managed by affiliates of Apollo (NYSE: APO) (Apollo Funds) has today entered into a term sheet to acquire Molycop, a leading global supplier in grinding media for the mining industry, from an affiliate of American Industrial Partners (AIP) at an enterprise value of ~USD 1.5 billion.
This strategic, complementary acquisition will establish Tega Industries as one of the world's leading designers and manufacturers of ?critical-to-operate' consumables for certain production steps in the mining, mineral processing and material handling industries with an innovative and differentiated product portfolio. The two entities, Tega Industries and Molycop, together delivered USD 1.73 billion (~INR 15,207 crore) in revenue and USD 217 million (~INR 1,906 crore) in EBITDA (as per latest available annual audited financial statements) reflecting consolidated performance prior to minority interest adjustments.
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