SMT Holdings, a United Arab Emirates rare earths investor, is planning to list in London via a merger with special purpose acquisition company Becket Invest PLC (LSE:TAB).
Becket Invest, a SPAC that listed last summer with the aim of finding tech private targets, suspended its shares on Wednesday after agreeing to the deal.
It said SMT has been incorporated "for the sole purpose of owning and holding various strategic metal and rare earth assets".
The two companies have signed conditional heads of terms for Becket to acquire the entire issued share capital of SMT, subject to due diligence.
Becket said it also anticipates raising new funds alongside the deal to finance ongoing activities under the new metals and rare earths focus, to top up a balance sheet that showed £506,165 cash at the end of March, according to its latest set of results.
Since being listed by SPAC specialist John Taylor, the Becket board has been overhauled and is now run by lawyer and private equity investor Graeme Muir, whose BPM Trading vehicle owns a 76.6% stake, and hedge fund manager Daniel Monks.