Champion Iron, a Canadian-Australian iron ore producer, has launched a cash tender offer to purchase Norwegian iron ore producer Rana Gruber for NOK 2.93 billion (US$289 million).

To fund the transaction, the company secured a US$100 million equity private placement from La Caisse and a US$150 million loan from Scotiabank. The acquisition already has the backing of Rana Gruber’s management, board, and shareholders representing 51% of the stock.

This move expands Champion’s presence in the European market and adds premium, low-emission concentrates to its portfolio.

By integrating Rana Gruber’s long-life operations and specialty magnetite products, the company expects to increase revenue and cash flows while maintaining stable debt levels. This transaction makes the combined entity a larger player in the global green steel supply chain.