By Rhiannon Hoyle
Sev.en Global Investments, a Czech investment group owned by billionaire Pavel Tykac, has agreed to buy a 51% interest in coal miner Coronado Global Resources, the companies said in separate statements.
Sev.en will acquire the majority stake in the Australia-listed company from the Energy & Minerals Group, a private equity firm that co-founded Coronado in 2011.
“We believe that Coronado has established a successful business strategy and we will support the company in continuation of its business strategy to grow and strengthen its position both in the U.S. and Australia,” said Alan Svoboda, the Czech investment group’s chief executive. Svoboda said the deal aligns with the group’s strategy to expand in those two countries.
Sev.en has a “history as a long-term investor in the energy and mining industries and their focus on sustainable growth,” said Coronado Executive Chair Gerry Spindler.
Coronado said the deal is subject to usual closing conditions, including regulatory approvals in the U.S. and Australia, where the coal company runs mines producing mostly steelmaking coal. The financial terms were not disclosed.
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