5N Plus acquires MCP Group leading to expansion of thin-film PV portfolio

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5N Plus and MCP Group have agreed upon a definitive acquisition agreement wherein 5N Plus will buy virtually all of the outstanding shares of MCP. According to the agreements, MCP’s shares will be bought for a cash consideration of €105.8 million, a promissory note to the vendors of €61.9 million and around 11.4 million common shares of 5N to be issued to the vendors.

“Today is a very important day in the history of 5N Plus. The acquisition of MCP will allow 5N Plus to significantly expand its product offering and to establish a worldwide manufacturing and distribution platform. This strategic transaction fits perfectly with our vision of becoming a global leader in the production of specialty metals for the clean technology market. We are pleased to welcome MCP, its shareholders and all its employees to the 5N Plus family and look forward to working with them”, said Jacques L'Écuyer, president and chief executive officer of 5N Plus.

By acquiring MCP, 5N Plus is looking to expand its metals, chemicals and compound offerings to the clean technology market. MCP has eight manufacturing facilities throughout Europe, Asia and the U.S. 5N Plus maintains that MCP’s management will remain after the transaction has closed and that all existing shareholders of MCP will be prominent shareholders of 5N Plus. Frank Fache, co-CEO of MCP and Laurent Raskin, another co-CEO of MCP, will both join 5N Plus’ board of directors upon closing of the acquisition.

5N Plus plans to finance the cash consideration for the acquisition with its cash on hand and a new credit facilities of €103.7 million committed by National Bank Financial. The new credit facilities will substitute 5N Plus’ €12.9 million existing revolving credit facility. Additionally, 5N Plus will take on MCP’s non-recourse debt financing totaling around €66 million.

The promissory note to the vendors will be payable over a three-year period after the transaction closes with the 11.4 million shares issued subject to lock-up provisions that can last up to 18 months. Closing of the acquisition is expected to be completed by mid-April as the boards for both 5N Plus and MCP have already collectively approved the transaction is now under selected confirmatory due diligence, regulatory approvals and customary closing conditions.

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