Stranger Holdings PLC (LON:STHP) is to acquire Technology Minerals, a company that intends to create a consolidated battery metals and battery metal recycling group.
The investment company said the acquisition is subject to completion of due diligence and compliance with all regulatory requirements.
If the acquisition goes ahead it will be deemed a reverse takeover under the listing rules.
Technology Minerals is a holding company focused on becoming the UK's first listed company to create a circular economy for battery metals within a single group. The board of Stranger Holdings believes the deal represents an attractive opportunity as circular economies hold the key to a viable future for the fast-growing electric vehicle sector.
Technology Minerals is currently looking at several possible acquisitions, including a major recycling group, the Recyclus Group, that was previously in the frame as an acquisition target for Stranger Holdings via a reverse takeover.
Also, Technology Minerals has already or is in the process of, negotiating the acquisition of lithium, cobalt and nickel assets based in the USA, Ireland, Spain, and Cameroon.
Now that the reverse takeover wheels are in motion the company has appointed Mark Battles, a growth businesses veteran, to its board as a non-executive director.