Fortescue Metals Group Ltd (ASX: FMG) acquires Williams Advanced Engineering for $310m
Fortescue Metals Group Ltd (ASX: FMG) has announced it has entered into a share sale and purchase agreement to acquire 100% of Williams Advanced Engineering Ltd (WAE) from private equity firm EMK Capital and Williams Grand Prix Engineering Ltd for £164m (approx. A$310m). WAE will be vertically integrated into Fortescue’s diversified resources and green energy business and will be managed via Fortescue Future Industries (FFI), the company’s green energy and green technology division. FMG and WAE have been working closely together since early 2021 to design and build a prototype battery system to power an electric mining haul truck, an important first step in the decarbonisation of Fortescue’s mining haul fleet.
One of the first major projects to be developed under the acquisition will be a world leading battery electric train concept.
Following the announcement, shares of Fortescue Metals Group Ltd traded 2.01% lower at $20.52/share.
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