Key Takeaways Rio Tinto announced Wednesday that it has agreed to acquire Arcadium Lithium in an all-cash deal at $5.85 per share, expanding its access to a key ingredient of electric vehicle (EV) batteries.

Rio Tinto said it has agreed to a $6.7 billion takeover of Arcadium Lithium, propelling it into the ranks of the top producers of a key commodity used in batteries for electric vehicles.

Rio Tinto Group’s takeover offer for Arcadium Lithium Plc has won approval, boosting the world’s second-biggest miner’s bid to become a major producer of the crucial battery material.