Mining giant Rio Tinto has agreed to acquire Arcadium Lithium, the company created by the merger of Livent and Allkem in January, for $5.85/share, which represents a 90% premium to Arcadium’s share price before the deal was announced. The offer values the firm at about $6.7 billion. Both boards have recommended it to shareholders.

Arcadium Lithium, the company formed by the merger of Livent and Allkem at the start of the year, has acquired the lithium metal business of Li-Metal for $11 million. This includes a pilot production facility in Ontario. Li-Metal founder and CTO Maciej Jastrzebski has entered into a consulting agreement to facilitate the transfer of technology and integrate the team.