Funds managed by global alternative asset manager Apollo have completed the sale of their stake in Altemira Holdings, a pan-Asian aluminium packaging company, to private equity firm MBK Partners.
Apollo did not disclose the financial terms of the transaction. Still, a Nikkei Asia report earlier this month said the total acquisition cost for Altemira Holdings, including debt, is expected to be around 130 billion yen ($827 million).
Altemira, formed through the merger of the aluminium businesses of the former Showa Denko and Mitsubishi Materials, was acquired by Apollo Global Management in 2022.
Apollo said the transaction demonstrated its ability to execute complex carve-outs and support operational transformation and consolidation in sectors that have historically been difficult for foreign private capital to access.
“Apollo Fund’s investment in Altemira also highlights its role as a trusted partner to Japan’s leading corporations, offering differentiated solutions to help businesses execute their strategic priorities,” the firm said in an announcement.
During Apollo’s ownership, Altemira expanded into what the company described as a vertically integrated aluminium recycling platform.
The business operates across the value chain, including used beverage can collection, processing, slab casting, rolling into coils, and fabrication into beverage cans.
Altemira reportedly plans to pursue acquisitions and a potential initial public offering in the coming years, while expanding in Vietnam and developing lightweight aluminium components for the automotive sector.
The Altemira sale follows Apollo Funds’ exit from MAFTEC, a Japanese industrial materials company, announced in June 2025.
Apollo has been active in Japan in recent years, backing carve-outs and corporate transformations. In addition to Altemira, its investments include Panasonic Automotive Systems and Nippon Sheet Glass.
DealStreetAsia reported in March that funds managed by Apollo agreed to acquire Nippon Sheet Glass, a Japanese manufacturing firm specialising in architectural, automotive, and solar glass, in a deal totalling nearly $3.7 billion.
Apollo, which is known for its global alternative credit product, managed approximately $1.03 trillion in assets as of March 31, 2026.
