The blank check company of Russian metals industry veteran Artem Volynets, CEO of ACG Acquisition Company, has agreed to acquire two Brazilian mines from private equity firm Appian Capital Advisory for $1 billion including debt, with the backing of Volkswagen AG and Glencore PLC, with the aim of tapping into electric vehicle manufacturers' demand for metals. Volkswagen AG's battery business will support the deal with an advance payment of $100 million for future nickel deliveries, while commodity trader Glencore Plc will buy $100 million worth of ACG shares.
(MT Newswires)
