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.
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.
Under the deal, European Lithium shareholders would receive 0.035 shares of Critical Metals for each held.
The transaction is expected to be completed in the second half of this year.
(Reporting by Pooja Menon in Bengaluru; Editing by Shilpi Majumdar)
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