Critical Metals to Acquire Remaining Stake in European Lithium for $835 Million
Acquisition Details and Market Impact
Overview of the Deal
April 27 (Reuters) - Critical Metals said on Monday it would acquire all outstanding shares of European Lithium in an about $835 million deal, giving the U.S.-based miner full ownership of Greenland's Tanbreez rare earth project.
Current Ownership Structure
Critical Metals' Existing Stake
Shares of Critical Metals, which currently holds a 92.5% interest in the asset, jumped more than 6% in premarket trading. European Lithium owns the remaining 7.5% in the project.
Terms of the Transaction
Share Exchange Ratio
Under the deal, European Lithium shareholders would receive 0.035 shares of Critical Metals for each held.
Expected Completion Timeline
The transaction is expected to be completed in the second half of this year.
Reporting and Editorial Credits
(Reporting by Pooja Menon in Bengaluru; Editing by Shilpi Majumdar)
