Japanese conglomerate Mitsui has enlisted Rodrigo, Elías & Medrano Abogados to purchase a majority stake in the Peruvian subsidiary of multinational mining technology manufacturer Komatsu.
Philippi Prietocarrizosa Ferrero DU & Uría guided Komatsu and the target company, Joy Global (Peru), in the acquisition of the shares.
The deal closed on 2 November.
Mitsui acquired a 60% share in the capital of Komatsu’s subsidiary Joy Global (Peru). Komatsu retains the remaining 40%.
Mitsui already owns a 60% stake in another of the seller’s subsidiaries – Komatsu Mistui Maquinarias Perú (KMMP) – which leases mining equipment to customers.
With the recent acquisition of shares in sister company Joy Global, Mitsui and Komatsu plan to merge the two companies to establish a comprehensive mining machinery sales and service company in Peru, which is expected to become operational next year. The new entity will operate under the KMMP brand and Mitsui will own a 60% share in the group, with Komatsu holding the remainder.
Mitsui also aims to strengthen Komatsu’s copper mining machinery assets through the investment, contributing to the wider global copper production effort.
Mitsui was established in 1947 and is headquartered in Tokyo. With a presence in 63 countries worldwide, the company has over US$110 billion worth of assets under its management. The Japanese conglomerate has made several investments in Latin American businesses. In August, it injected US$360 million into Ecuadorian shrimp farming giant, Industrial Pesquera Santa Priscila (IPSP). It also divested agricultural real estate assets to Brazilian agribusiness SLC Agrícola for 470 million reais (US$91 million) in February.
Tokyo-based Komatsu manufactures equipment for the construction, mining, forestry and military sectors. Its Peruvian mining subsidiary, Joy Global (Peru) opened in 1977 and produces electric shovels, drills, hydraulic excavators and trucks and heavy-duty air conditioning systems, amongst many others.
Counsel to Mitsui
Rodrigo, Elías & Medrano Abogados
Partner Jean Paul Chabaneix and associates Jacques D’Auriol Augusto, Soleil Castro, Arianna Robello, José Medina, Camila Masini, Juan Alberto Acuña, Adriana Bracamonte, Talía Hormaeche, and Fátima Benavides
Counsel to Komatsu and Joy Global (Peru)
Philippi Prietocarrizosa Ferrero DU & Uría (Peru)
Partner Guillermo Ferrero and associates Victor Abad and Jacqueline Febres
