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20 June 2023
press release

Austria: Schoenherr advises Rhône Capital on public cash offer in RHI Magnesita N.V.

Schoenherr advised Rhône Capital ("Rhône") on a public cash offer for up to 29.9 % of the share capital in RHI Magnesita N.V. ("RHI Magnesita"). 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 will be 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, its place of central management is in Austria, and its shares are traded on the London and Vienna stock exchanges.

Rhône, established in 1996, is a global private equity firm with a focus on investments in market-leading businesses with a pan-European or transatlantic presence and expansion prospects.

The Schoenherr team advising Rhône on all Austrian legal aspects of the transaction is led by Sascha Schulz (partner, corporate/m&a) and Christian Herbst (partner, corporate/m&a), supported by Volker Weiss (partner, eu & competition), Evelin Hlina (counsel, eu & competition), Zurab Simonishvili (attorney at law, corporate/m&a), Markus Fasching (associate corporate/m&a) and Alexandra Gump (associate, eu & competition).

Citigroup Global Markets Ltd. is acting as the financial advisor on the transaction and Sullivan & Cromwell, London, as lead legal counsel.



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