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

US 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. Fortress is controlled by Japan’s Softbank Group.