Atlas Metals Group plc has signed a conditional Share Purchase Agreement to acquire Universal Pozzolanic Silica Alumina Ltd in a transaction valued at £1 billion.
UPSA, a privately-owned company incorporated in England and Wales, is the owner of one of the world’s largest reserves of pozzolanic silica alumina (PSA) which is a core constituent of ‘green concrete’. Given concrete production is responsible for around 8% of global CO₂ emissions, in the global mission to reduce carbon emissions through net zero targets, UPSA stands at the forefront of sustainability in construction.
The acquisition would constitute a reverse takeover under the UK Listing Rules. On completion, Atlas shareholders would hold 3% of the enlarged company, with UPSA shareholders holding 97%.
The Competent Person’s Report, prepared by SLR Consulting, confirms significant inferred resources at UPSA’s Warialda Quarry in Australia: with 160.68 million tonnes total inferred resource with a Net Present Value (NPV): A$3.3 billion (£1.62 billion) over a 25-year period.
Chris Chadwick, CEO of Atlas Metals Group plc, commented: " We are delighted to have signed the conditional share purchase agreement to acquire UPSA. This transaction is anticipated to transform Atlas in the near term into a £1 billion plus market cap company, delivering substantial value for Atlas shareholders and a unique proposition on the London Stock Exchange. UPSA provides an opportunity to access a world-class PSA reserve at an attractive valuation. Given the positive environmental impact UPSA provides the international construction industry, the UPSA resources are already attracting interest from major cement and concrete players and will be targeted for use in private and government infrastructure development projects globally. We look forward to completing the transaction as soon as possible.”
The Proposed Acquisition remains subject to due diligence, regulatory approvals, and shareholder consent.
