Tega Industries Completes USD 1.5 Billion Molycop Acquisition

Date: June 01, 2026

The closing of the Acquisition of Molycop group and the relevant transactions contemplated under the Acquisition Documents and Transaction Documents has been completed on June 01, 2026.
The completion was subject to customary conditions precedent, including regulatory and anti-trust approvals, which have been satisfied.

Tega MC Investment Pte. Ltd. (Tega HoldCo), a wholly owned subsidiary of the Company, acquired ~84.2% of the ordinary shares in Tega MC JV Holdings Pte. Ltd. (SG Company) for an aggregate consideration of USD 394,295,423.
AP Jupiter Holdco (SG) Pte. Ltd. (Apollo HoldCo) acquired ~15.8% of the ordinary shares of the SG Company for an aggregate consideration of USD 74,107,477.
Apollo HoldCo completed its investment in redeemable preference shares of Tega MC SG Investments I Pte. Ltd (a wholly owned subsidiary of SG Company) for an aggregate consideration of USD 270,000,000.
The SG Company (through its wholly owned subsidiaries) acquired the equity interests of the Molycop Companies.
The Acquisition was undertaken based on an enterprise valuation of approximately USD 1.5 billion as determined on a 'locked box' approach based on the audited balance sheet of Molycop as of June 30, 2025.
The purchase price payable at closing (post adjustments) was determined as USD 393 million, out of which USD 18 million has been placed in escrow.
Sellers are also entitled to a contingent payment of up to USD 120 million, payable within a maximum of 45 months if Molycop achieves certain performance metrics.
The Acquisition is not a related party transaction.

Name: Molycop group (direct and indirect subsidiaries of AIP MC Holdings LLC and their respective investments, including joint ventures)
Industry: Grinding media for mining industry and related products
Incorporation: Molycop was incorporated in 1918
Business: Leading global supplier of grinding media to the mining industry, with focus on manufacture and sale of grinding media for use in both semi autogenous grinding (SAG) mills and ball mills
Global Presence: 13 grinding ball manufacturing facilities, 3 active joint ventures, and 1 potential joint venture in progress; local presence in over 40 countries including USA, Canada, Mexico, Chile, Peru, Australia, and Indonesia
Key Strengths: Strong intellectual property portfolio, high net promoter score and brand recognition, long-standing relationships with leading miners, comprehensive product/service offering

The acquisition makes Tega Industries amongst the world's leading designers and manufacturers of 'critical-to-operate' consumables for production steps in mining, mineral processing and material handling industries
Enables offering a complete basket of products and solutions to the mining industry covering crushing, grinding, concentrating and refining
Provides access to complementary patented products through collaborations and partnerships
Enhances in-house R&D capabilities
Creates an integrated supply chain with backward integrated manufacturing base in major markets
Strengthens collective relationship with customers through complementary combination of grinding media and mill liners

The Company incorporated wholly owned subsidiaries 'Tega Solutions Limited' (India WoS) and 'Tega MC Investment Pte. Ltd.' (Tega SG HoldCo) to facilitate the Acquisition
The Company made investments in Tega SG HoldCo through equity shares/ordinary shares and optionally convertible redeemable preference shares
The SG Company incorporated 10 additional wholly owned subsidiaries for the purpose of acquiring the Molycop Companies

The acquisition includes 43 entities across multiple jurisdictions with varying ownership percentages, including:

100% owned entities: Moly-Cop USA LLC, Molycop India Pvt. Ltd, Commonwealth Steel Company Pty Ltd, Moly-Cop Chile S.A., and 30 others
Majority owned entities: Vinton Ball LLC (51%), Molycop GCC LLC (51%), Molycop ACI Africa S.A.S. (50%), Orway IQ Pty Ltd (50%)
Moly-Cop Adesur S.A. (94.07%)