Fortress Value Acquisition completed the merger with MP Materials in a $1.5bn deal.

Fortress Value Acquisition, a special purpose acquisition company sponsored by an affiliate of Fortress Investment Group, completed the merger with MP Materials, a rare earth mining services provider, in a $1.5bn deal. "Today is an important milestone in our mission to restore the full rare earth supply chain to the United States of America. As world infrastructure electrifies, American leadership across this entire industrial supply chain is critical to our economic and national security. MP Materials has a profitable first stage business, a long term, multi-stage execution roadmap for value creation, a fully funded balance sheet, and a committed leadership team and Board of Directors. Our team is very proud to lead the way in onshoring a vital industry, to build a growing enterprise and to deliver positive outcomes to all of our stakeholders supported by our foundational commitments to sustainability and strong governance," James Litinsky, MP Materials Chairman and CEO.