EMK and Williams Grand Prix Engineering Limited sold Williams Advanced Engineering (WAE), a leading technology and engineering services business, for GBP 164 million to Fortescue Metals Group (ASX:FMG). Clairfield International in London (Dial Partners) acted as sole financial advisor to EMK and Williams Grand Prix Engineering Limited on the sale. This follows the 2020 acquisition of a controlling interest in WAE by EMK, also advised by Dial Partners.

Founded in 2010 as part of the Formula 1 motorsports business Williams Grand Prix Engineering, today WAE is a technology and engineering services business. Williams Advanced Engineering provides world class technical innovation, engineering, testing and manufacturing services to deliver energy efficient performance to customers across all sectors.

Fortescue is an Australia-based mining company with a market capitalization of AUD 66 billion. Established in 2003, with mining hubs and haulage infrastructure based in Western Australia, Fortescue is one of the world’s largest producers of iron ore. Through Fortescue Future Industries (FFI), its renewable energy and technology division, Fortescue is establishing a global portfolio of green hydrogen operations to replace its mobile diesel fleet by using hydrogen energy and electric battery solutions.

The acquisition of WAE provides critical technology and expertise in high-performance battery systems and electrification to support the decarbonization of Fortescue’s mining operations. Together, Fortescue and WAE will develop electric battery solutions for Fortescue’s rail, mobile haul fleet and other heavy mining equipment to accelerate the achievement of Fortescue’s environmental targets, in addition to growing WAE’s world-leading technology and engineering business.