Xiamen Tungsten Co., Ltd. (SHSE:600549) agreed to acquire additional 10% in Xiamen Golden Egret Special Alloy Co.,Ltd from Sandvik Machining Solutions AB for CNY 490 million on May 13, 2020. Post completion Xiamen tungsten will hold 70% stake and Sandvik will not hold any stake in Xiamen Golden. The Board of Xiamen Tungsten approved the transaction on May 14, 2020. As on May 29, 2020, the transaction was approved by the shareholders of Xiamen Tungsten Co., Ltd. In 2019, Xiamen Golden recorded revenue of CNY 3.1773648 billion, total assets of CNY 3.9030625 billion, Net profit of CNY 264.8122 million and total common equity of CNY 2.4 billion. The deal is expected to close during the summer of 2020. Ernst & Young acted as financial advisor to Sandvik Machining Solutions AB.