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CATL to Acquire Canada’s Millennial Lithium in $297 Million Deal

Contemporary Amperex Technology Co Ltd. has agreed to acquire Millennial Lithium Corp. in an all-stock cash deal valued at around C$377 million ($297 million) as the the world’s largest maker of electric-vehicle batteries continues to pursue a strong supply of a key battery-making mineral.

Ningde, Fujian-based CATL will pay C$3.85 per common share of Millennial, payable in cash, according to a statement Tuesday. That represents a premium of about 29% over Millennial’s 20-day average closing price in Vancouver trading, according to the statement.