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Umicore: completes acquisition from miner Freeport

(CercleFinance.com) - Belgian materials and technology group Umicore on Monday said that it had completed the acquisition of Freeport's cobalt refining and cathode precursor activities in Finland.

The company has completed the acquisition of the business, based in Kokkola, from Freeport Cobalt for a total of 203 million dollars on a debt- and cash-free basis, including approximately 50 million dollars of net working capital.

All regulatory clearances in relation to the transaction have been obtained, Umicore said.

The group expects that the acquisition will be earnings accretive from 2020 and value accretive from 2021, after the integration process is completed.

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