Pure Alumina to buy VC-backed Polar Sapphire for $26 mln
Pure Alumina Ltd has agreed to acquire Polar Sapphire Ltd, a Toronto-based maker of high-purity alumina (HPA), according to a statement by the Australian company. Pure agreed to pay $25.75 million in cash and stock to Polar's private investors, which include ArcTern Ventures, Crux Capital Corp and MaRS Investment Accelerator Fund. Upon completion, three Polar representatives, including Founder and CEO Scott Nichol and ArcTern Managing Partner Tom Rand, will join Pure's six-member board. Founded in 2013, Polar’s low-cost HPA product is used in LED lighting, lithium batteries for electric vehicles, and other applications.
25 March 2019•1 min read
