TerraCom Limited (ASX:TER) signed a binding agreement to acquire 19.9% stake in Universal Coal Plc (ASX:UNV) from Coal Development Holding B.V. for AUD 31 million on October 30, 2019. Under the terms of the acquisition, TerraCom will pay a combination of AUD 17.3 million in cash and will issue 34.2 million in fully paid ordinary shares in TerraCom. TerraCom will acquire 104 million shares in Universal Coal.

The acquisition is expected to close on or around October 30, 2019.