<h1>Global precious-metals company to acquire North American refiner in vertical integration deal, subject to antitrust and regulatory approvals</h1> A North American precious-metals refiner has signed a definitive agreement to be acquired by a global precious-metals company, subject to regulatory approval, under which the target will become a wholly owned subsidiary. The transaction is represented as vertical integration to secure low-grade feedstock and expand global sourcing, refining capabilities, technical services and R&D access. Management and operations are expected to remain in place during a marketed seamless transition. Legal considerations include obtaining antitrust and other regulatory clearances for a cross-border acquisition, integration of compliance and environmental processes, and protections for customers, employees and intellectual property.