Critical Metals to acquire European Lithium for $835 million

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)