Dechert advises Masan Group on US$125 million sale of stake in Masan High-Tech Materials to The Elmet Group

Dechert LLP has advised Masan Group Corporation on the sale, through a wholly owned subsidiary, of a 4.99% stake in Masan High-Tech Materials Corporation (MSR) to The Elmet Group Co. (Elmet). The sale, for US$124.75 million at an implied equity valuation of US$2.5 billion for MSR, closed on October 1, 2026.

The sale anchors a strategic partnership between MSR and Elmet, a U.S.-based provider of critical materials and tungsten products that MSR has supplied for more than 12 years. Alongside the equity investment, the two companies have entered into multi-year agreements under which MSR will supply tungsten products and conversion services to Elmet from its integrated mining and refining operations in Vietnam. The agreements cover approximately 1,250 tonnes of tungsten trioxide-equivalent a year for more than eight years. Masan Group remains MSR's controlling shareholder.

Masan Group has described the transaction as the first step in a strategy of building long-term partnerships between MSR and strategic customers that need a secure supply of tungsten, a material essential to semiconductors, aerospace, energy and advanced manufacturing. MSR is the world's largest producer of midstream and downstream tungsten products outside China.

Dechert acted as international counsel to Masan Group on the transaction, advising on corporate, antitrust (EU and U.S.) and U.S. defense regulatory matters.

Min Kim, partner at Dechert in Singapore, said: "This partnership brings a longstanding U.S. customer into MSR as a strategic shareholder, alongside a long-term commitment to buy MSR's tungsten products and processing services. We are pleased to have supported Masan Group on the transaction."

The Dechert team was led by Min Kim (Corporate, Singapore), with David Cho, David Good, Drew Singer, Stella Lee and Charles Low in Singapore. Clemens Graf York von Wartenburg, Michael Okkonen, James Fishkin, William (Bill) Kearney and Beverly Ang advised on EU and U.S. antitrust matters. Melissa Taylormoore advised on U.S. defense regulatory matters.

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