find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Real Estate & Projects Lawyer (6+ years PAE)
Category: Property Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Top tier firm with offices nationally · High profile clients
View details
Local firms join in global ceramics sale

Local firms join in global ceramics sale

SEVERAL LOCAL and international law firms advised on the 226 million euro ($375.4 million) cash purchase of the ceramics division of Johnson Matthey by the Endeka Ceramics Group, a company…

SEVERAL LOCAL and international law firms advised on the 226 million euro ($375.4 million) cash purchase of the ceramics division of Johnson Matthey by the Endeka Ceramics Group, a company established by private equity investment fund Pamplona Capital Partners I, LP.

DLA Phillips Fox advised Pamplona through Jones Day’s London office, which co-ordinated the worldwide acquisition, on the Australian aspects of the transaction.

Corrs Chambers Westgarth and Middletons advised the vendor respectively on the ultimate sell off and the carve out of the ceramics division. Herbert Smith was the lead law firm for Johnson Matthey.

One of the lead lawyers on the deal, senior associate Nick Diakoumis at DLA Phillips Fox’s Melbourne office, said it was “one of the more complex deals” he had worked on.

Diakoumis said they advised both Jones Day and the client. “It was probably a 70-30 split between Jones Day and the client,” he said.

DLA Phillips Fox’s lead partner on the deal was Mark Burger. Corrs’ team was led by partner Jeremy McCarthy, assisted by lawyer Campbell Unsworth.

Diakoumis said each jurisdiction where the Johnson Matthey group operated in had to spin off its particular business.

“In the Australian context, what that meant was setting up a new batch of companies, [and] moving up the ownership,” he said.

Once that was done, he said the chemical business had to be transferred across to the new Johnson Matthey structure and then make the full sale to calve it out of the Johnson Matthey group.

“So there were a number of complicated steps: working out where the assets were, and in which company of the business the assets were located.”

The Australian arm of Johnson Matthey is responsible for sourcing zircon, an important mineral in ceramics, from around the globe, including 18 different countries. “[The Australian division] source it, do the contracts, and then outsource to all the sister companies,” said Diakoumis.

“Each country has its own contractual terms and conditions. The first step was to assign that contract into the new Johnson Matthey company and then ensure that the change in control didn’t bring the contract down after completion into the Endeka Group.”

The transaction required regulatory approval in Germany, Spain and Portugal and was completed on 1 March.

The new Australian company that Endeka bought is now called Australian International Ceramics.

The original Johnson Matthey ceramics division was headquartered in Spain and supplied raw materials to the tile and sanitary ware industries. The sale raised approximately £30 ($73) million for Johnson Matthey.

The company’s chief executive, Neil Carson, said in a statement the sale “represents a further step in our strategy of focusing the group on its core activities in catalysis, precious metals and fine chemicals”.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Local firms join in global ceramics sale
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
Applauds
Aug 21 2017
LCA applauds proposed Modern Slavery Act
The Law Council of Australia has welcomed new recommendations for the development of a Modern Slaver...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...