Copper producer and recycler Aurubis AG said May 22 that it signed an agreement to acquire materials recycler Metallo Group for €380 million. Closing is expected by the end of the year.

Aurubis said the acquisition, which will be financed without a capital increase, will complement its Future Complex Metallurgy project, with which the company plans to process a higher volume of complex input materials.

The deal is expected to boost the company's portfolio in key metals such as copper, nickel, tin, zinc and lead.

Metallo has about 530 employees in Belgium and Spain and generated revenues of about €1 billion during its fiscal 2018. The company is being sold by private equity firm TowerBrook Capital Partners LP.