First Reserve in €670 Million Acquisition of the Metallum Group

Cleary Gottlieb represented First Reserve Corporation in its €670 million ($964 million) acquisition of Luxembourg-based copper refining and recycling group Metallum. First Reserve is a leading U.S. private equity firm in the energy and natural resources industries. The Metallum Group accounts for about 20% of the copper trading volumes in Europe. It is known for its copper and tin refining business, as well as its scrap metal recycling and trading segment. The transaction, which was executed on April 7, 2011, is subject to customary antitrust approval and is expected to close by the end of June 2011.