White & Case Advises Inflection Point Acquisition Corp. II on its US$870 Million Business Combination with USA Rare Earth

Global law firm White & Case LLP has advised Inflection Point Acquisition Corp. II (Nasdaq: IPXX), a special purpose acquisition company, on its entry into an US$870 million definitive business combination agreement with USA Rare Earth, LLC, which will result in USA Rare Earth becoming a publicly traded company. The transaction also includes an initial PIPE investment of approximately US$35 million. The proposed business combination is expected to be completed in early 2025, subject to closing conditions.

Founded in 2019, USA Rare Earth is building out a vertically integrated, domestic rare earth element magnet production supply chain. It has permanent magnet production equipment onsite at its Stillwater, Oklahoma location which, when operational, is expected to be initially supplied by third-party feedstock. USA Rare Earth intends to supply and scale the future of its magnet production from its control of the mining rights to the Round Top Mountain deposit in West Texas through its subsidiary.

Inflection Point Acquisition Corp. II is the second SPAC sponsored by the Inflection Point team for which White & Case has advised on both its initial public offering and business combination transaction.

The White & Case team was led by Capital Markets partner Joel Rubinstein and associate Russell Deutsch, and included Tax partner Steven Gee and Capital Markets associates Biddy Fraga, William Quish and Sarah Roman-Jakob (all in New York).

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