Lithium Americas (NYSE:LAC+3.1%) agrees to acquire Millennial Lithium for ~US$400M in cash and stock.
Millennial terminated a previous takeover agreement with Contemporary Amperex Technology Co., and Lithium Americas has paid the related $20M breakup fee.
Lithium Americas says the addition of Millennial's Pastos Grandes lithium brine project in Argentina provides an attractive regional growth opportunity in proximity to its Caucharí-Olaroz project, with the potential to extract significant synergies.