Anglo American plc (LSE:AAL) signed a binding agreement to acquire majority stake in First Mode Holdings, Inc. on December 7, 2022. The acquisition will combine First Mode and Anglo American's nuGen? zero emission haulage solution. The transaction values the newly combined business in the order of $1.5 billion and includes a $200 million equity injection from Anglo American. On close, Anglo American will become a majority shareholder of First Mode, with the balance continuing to be held by First Mode employees. In addition, current First Mode President and CEO, Chris Voorhees will transition to the role of Chief Product & Technology Officer. ulian Soles, Anglo American's head of Technology Development, will take over as First Mode CEO and be based in First Mode's new headquarters in London. The transaction, which is expected to close in January 2023. George Karafotias, Cynthia Urda Kassis, Samuel Ogunlaja, Gillian Emmett Moldowan and Sam Whitaker of Shearman & Sterling advised Anglo American plc on the combination. Cascadia Capital, LLC acted as fairness opinion provider to First Mode Holdings, Inc.

Anglo American plc (LSE:AAL) completed the acquisition of majority stake in First Mode Holdings, Inc. on January 24, 2023