AZB & Partners and Slaughter and May advised seller Morgan Advanced Materials, while Trilegal and Linklaters represented buyer Vesuvius in an approx. Rs. 1,084 crore (£92.7 million) cross-border acquisition of Morgan’s global molten metals systems business.

The deal involves a complex two-part structure. Vesuvius’ Indian listed subsidiary Foseco India Ltd will acquire Morgan’s 75 percent stake in India-listed Morganite Crucible (India) Ltd through the issuance of 1.2 million new shares worth £55.8 million. The remainder of Morgan’s wholly-owned global molten metals systems business will be purchased by Vesuvius for £20 million in cash. Upon closing, expected by early October 2025, Vesuvius will hold approximately 64 percent of Foseco India, while Morgan will retain a 15 percent stake.

The acquisition of the 75 percent stake in Morganite Crucible will also trigger a mandatory tender offer to be made by Foseco to shareholders of the remaining 25 percent stake.

The acquisition strengthens Vesuvius’ footprint in the rapidly expanding non-ferrous metals market and accelerates growth in India, a core region. The target business, which supplies advanced crucibles and melting solutions to non-ferrous metal producers, generated £42.5 million in 2024 turnover with £5.2 million in adjusted operating profit. The transaction is expected to generate significant cost synergies, with EBITDA projected to increase by at least 50 percent. .

The AZB deal team was led by senior partner Daksh Trivedi alongside partners Ankit Tandon and Aman Jain, with associates Shivam Khanna and Srishti Kaushal. Partners Sumit Mangal and Harpreet Singh Ajmani handled tax advisory, supported by associates Radhika Sharma, Ashish Sarda, and Meghna Mittal.

Slaughter and May’s deal team comprised partners Christian Boney and Simon Nicholls, and associates Thomas Whitney, Angus Tyrrell, William Parr, Robbie Hardless and Tanyah Hamid.

Trilegal’s team was led by partners Ashwyn Misra and Deep Choudhuri, and included senior associates Teeshta Bissa, Jatin Sharma, and Shebani Bhargava, and associates Isha Sen, Medha Nagpal, Anuraag Pillai and Niti Gosrani. Partners Kanishka Maggon (employment) and Sampath Kumar (compliance) also assisted on the deal.

Linklaters’ team was led by partner Jonathan Sadler.