Funds Managed by Affiliates of Apollo to Acquire Mitsubishi Chemical’s Thermal and Emission Control Materials Business

Paul, Weiss is advising funds managed by affiliates of Apollo Global Management, Inc. in their acquisition of the thermal and emission control materials (MAFTEC) business from Mitsubishi Chemical Corporation and Mitsubishi Chemical High-Technica (MCHT). Mitsubishi Chemical is Japan’s leading diversified chemicals and advanced materials producer, and its MAFTEC business is a global leader in thermal and emission control protection materials, primarily for the industrial and automotive industry. The business is also currently developing new applications, including further expansion of fire and heat resistant solutions and products for industrial use and electric vehicle. Mitsubishi Chemical and MCHT will establish new companies which will succeed the MAFTEC business by absorption-type company split, and transfer  all shares of the new company to an entity held by the funds. The transaction is expected to be completed by the first quarter of 2022, subject to customary closing conditions and regulatory approvals.

The Paul, Weiss team includes corporate partners John Scott, Tong Yu and Brad Finkelstein and counsel Chikara Momota, Makoto Nishigai, Lisa Koff and Jeremy Larkins; and tax partners Brian Grieve and Brad Okun.