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

By Ernest Scheyder

(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)

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