Champion Iron launches cash tender offer to acquire Rana Gruber

Champion Iron Limited announced a recommended voluntary cash tender offer to acquire all issued and outstanding shares of Rana Gruber for NOK 79 per share, totaling an equity value of approximately NOK 2,930 million. This acquisition, unanimously supported by Rana Gruber’s executive management and board, and with pre-acceptance undertakings from shareholders owning approximately 51% of Rana Gruber’s shares, is expected to close in calendar Q2/2026. This is subject to customary conditions, including Champion owning over 90% of shares.

The transaction will be funded through Champion's existing financial liquidities, a $100 million subscription receipts private placement from La Caisse de dépôt et placement du Québec, and a $150 million committed term loan from Scotiabank. The private placement is expected to occur in Q1/2026. This strategic move aims to combine Champion's Bloom Lake Mine and its Kami Project with Rana Gruber's operations in Norway, enhancing Champion’s presence in the high-grade iron ore market and its ability to service the green steel supply chain.

The acquisition is expected to be near-term accretive per ordinary share to Champion's revenue, EBITDA, and cash flows from operating activities, while maintaining disciplined financial leverage. Rana Gruber, a Norwegian iron ore producer, provides access to renewable power and produces high-grade hematite and magnetite concentrates, benefiting from proximity to European steelmaking hubs and contributing to a lower carbon intensity in the global iron ore industry.