USA Rare Earth to Buy Brazilian Miner in $2.8 Billion Deal

USA Rare Earth Inc. agreed to acquire Brazil’s Serra Verde Group in a $2.8 billion cash-and-stock transaction, marking one of the largest deals in the rare-earths industry.

The US company said in a statement Monday that it will pay $300 million in cash and issue about 126.8 million shares to buy Serra Verde, which owns the only producing rare-earths mine in Brazil. USA Rare Earth shares were up around 9% at 11:20 a.m. in New York.