Lithium Deals

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Tracking significant M&A, IPOs, and equity investments in the Lithium industry

 


May 2023

Livent and Allkem to Merge in $10.6bn All-stock Deal

May 10, 2023

  • Allkem shareholders will own ~56% and Livent shareholders will own ~44% of the combined company, which will list on the NYSE.
  • The companies expect $125 million in synergies per year, as well as $200 million in one-off savings.
  • The combined company is targeting 250,000tpa LCE output by calendar year 2027.
  • Livent CEO Paul Graves will lead the combined company as CEO.

April 2023

Essential Metals Rejects Tianqi’s $91 million Takeover Bid in Shareholder Vote

April 20, 2023

  • The bid only received approval of 31.5% of shareholders, falling well short of the 75% required.
  • Essential Metals also announced Mineral Resources now owns a 19.55% stake.
  • The bid was made by Tianqi Lithium Energy Austrial (TLEA), a JV owned by Tianqi Lithium (51%) and IGO (49%).
  • Essential Metals is an exploration company whose primary asset is the Pioneer Dome resource in Western Australia.

March 2023

Liontown Rejects $3.4bn takeover offer from Albemarle

March 27th, 2023

  • Albemarle confirmed its offer of A$2.50 or US$1.66 per share in cash, which values Liontown at A$5.2 or US$3.4 billion on an enterprise basis.
  • This represented a 63% premium to Liontown’s closing share price on March 27, 2023.
  • Liontown is a near-term producer, with the company’s 100%-owned Kathleen Valley spodumene project in Western Australia is targeting initial production in 2024.
  • The Liontown board rejected the approach, stating the offer “substantially undervalues Liontown, and therefore is not in the best interests of shareholders”.

January 2023

GM to invest $650 million in Lithium Americas to advance Thacker Pass development

January 31, 2023

  • Represents the largest-ever investment by an automaker to produce battery raw materials
  • GM will become Lithium America’s largest shareholder
  • Lithium carbonate from Thacker Pass will be used in GM’s proprietary Ultium battery cells
  • GM will receive exclusive access to Phase 1 production through a binding supply agreement and has the right of first offer on Phase 2 production

Thacker Pass, Nevada. Source: Lithium Americas

GM CEO Marry Barra:

“Our future production will increasingly draw from domestic resources like the site in Nevada we’re developing with Lithium Americas”

Additional Terms:

  • Lithium Americas to receive $650 million equity investment from GM consisting of:
    • $320 million first tranche investment for common shares representing 9.999% of Lithium Americas before separation; and
    • $330 million second tranche investment, contemplated to be invested in the Company’s U.S. business following the separation of its U.S. and Argentine businesses


SQM to invest A$20M for 20% of ASX-listed Azure Minerals (ASX:AZS)

January 11, 2022

  • Azure is currently in the feasibility stage of its Nickel-Copper-Cobalt project in Western Australia
  • The SQM investment “will be used to accelerate lithium exploration through a program of intensive drilling across the Andover Project.”
  • SQM will make an initial A$4.2 million investment to be followed by another A$15.8 million pending due diligence and the signing of an offtake agreement.

Read more: Azure ASX Announcement | Watch: YouTube



Tianqi Lithium makes $94 million bid for Australian developer Essential Metals (ASX: ESS)

January 9th, 2023

  • Tianqi Lithium Energy Australia would buy 100% of Essential Metals Limited for $0.5 AUD in cash per share
  • Total offer is A$136 million (USD$94 million)
  • The offer has been unanimously recommended by the Essential Board of Directors
  • The bid will be scrutinized by Australia’s Foreign Investment Review Board (FIRB)

Photo Source: Essential Metals

Read more: Reuters | ASX Filing

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