Rare earths miner MP Materials to go public in $1.5 bln SPAC deal
By Ernest Scheyder
July 15 (Reuters) - U.S. rare earths miner MP Materials said on Wednesday it would go public through a merger with a blank-check company backed by private equity firm Fortress Investment Group in a deal valued at $1.5 billion.
Hedge funds JHL Capital Group and QVT Financial will fold their ownership of MP Materials and its California mine into the special-purpose acquisition company Fortress Value Acquisition Corp FVAC_u.N. Fortress is controlled by Japan's Softbank Group 9984.T.
(Reporting by Ernest Scheyder)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.