The Elmet Group, a US-based supplier of tungsten alloys, has agreed to acquire a 4.99% equity stake in Vietnam’s Masan High-Tech Materials from a fully owned subsidiary of Masan Group, at an implied equity valuation of $2.5bn.
The transaction is expected to close in the first half of October, subject to regulatory and corporate approvals.
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Following the completion, Masan Group will retain a controlling interest in Masan High-Tech Materials of approximately 87.46%.
Alongside the equity investment from Elmet, the two companies have entered into multi-year agreements for the committed supply and sale of tungsten products to the US market.
Under the agreement, Masan High-Tech Materials will supply around 1,250 tonnes per annum (tpa) of tungsten trioxide-equivalent products for eight years.
This is expected to generate approximately $1.5bn in aggregate gross revenue over the initial term at prevailing tungsten prices.
The new arrangement builds on a commercial relationship spanning more than 12 years.
Elmet Group CEO Peter Anania said: “Critical materials are vital to American supply-chain security, industrial resilience and next-generation technologies. Our investment reflects confidence in both the team and the opportunity ahead.
“By bringing together two leaders with deep expertise and complementary capabilities, we are strengthening our ability to serve customers, support critical industries and help build more secure supply chains for the future.”
Tungsten products and conversion services will be provided from Masan High-Tech Materials’ integrated mining and refining operations in Vietnam to Elmet’s US customers.
In addition, the agreement involves collaboration to secure further tungsten concentrate from international partner mines for processing at Masan High-Tech Materials’ facilities.
Masan Group views this deal as a way to establish an independent benchmark for Masan High-Tech Materials’ valuation and to strengthen its balance sheet.
Masan High-Tech Materials has recently increased its tungsten oxides production capacity to more than 8,000tpa of tungsten trioxide.
In the first half of 2026, the company reported revenue of approximately $423m (VND10.99tn) and net profit after tax of $83m. For the full year, expectations are for revenue of around $1.4bn and net profit after tax of roughly $233m.
Jefferies Singapore served as the sole financial adviser to Masan High-Tech Materials on the transaction.
