ACG Acquisition today said the Brazilian antitrust authority unconditionally approved its acquisition of mines in Brazil.
The SPAC, which is looking to benefit from favorable price conditions for new economy metals and other mining materials, said the Conselho Administrativo de Defesa Economica approval was one of the conditions to closing the acquisition, Morningstar reports.
The approval will be followed by a 15-day waiting period, ACG Acquisition said, after which the parties are free to close the acquisition from an antitrust perspective.
In mid-June, ACG announced that it had agreed the acquisition of the Atlantic Nickel nickel sulphide mine in Santa Rita and the Mineracao Vale Verde copper mine in Serrote, both in Brazil.
London-listed ACG Acquisition is buying the assets from private equity firm Appian Capital Advisory. Volkswagen AG’s battery arm will support the deal with a $100 million prepayment for future nickel deliveries, while commodities trader Glencore Plc will buy $100 million of ACG stock.
A meeting of ACG Acquisition shareholders on the acquisition will be held July 20. Read more.
