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Rare earths miner MP Materials to go public in $1.5 bln SPAC deal

Credit: REUTERS/STEVE MARCUS

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.

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)

((ernest.scheyder@thomsonreuters.com; Twitter: @ErnestScheyder; +1-713-210-8512; Reuters Messaging: ernest.scheyder.thomsonreuters.com@reuters.net))

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