Acquisition of a Controlling Stake in Uranium One Inc. Receives All Required Regulatory Approvals
Acquisition by ARMZ Uranium Holding Co. (JSC Atomredmetzoloto) of a controlling stake in Canada's Uranium One Inc. has now received all necessary governmental regulatory approvals in jurisdictions where Uranium One conducts business.
The transaction has been cleared by the Ministry of Industry and New Technologies and Agency for the Protection of Competition of the Republic of Kazakhstan, the Foreign Investment Review Board (FIRB) of Australia, the Ministry of Industry and the Competition Bureau of Canada, the Department of Justice, Federal Trade Commission, the U.S. Committee on Foreign Investment and the U.S. Nuclear Regulatory Commission.
The transaction is expected to close before the end of December 2010.
As previously announced, in June 2010 Atomredmetzoloto and Uranium One Inc. entered into an agreement whereunder ARMZ will increase its equity stake in Uranium One by purchasing new additional shares of Uranium One (356 mln ordinary shares). In consideration for such shares ARMZ will contribute its 50% interest in JV Akbastau, its 49.67% interest in JV ZARECHNOYE, and $610 million in cash. Upon completion of the transaction, ARMZ will own at least a 51% interest in Uranium One as compared to its current shareholding of 23.1%.
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