Deals
$10.6 Billion Lithium Deal to Create World’s No. 3 Producer
- The EV metal miners both have projects in Argentina, Canada
- It’s latest deal in sector benefiting from energy transition
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Australian lithium miner Allkem Ltd. agreed to merge with US rival Livent Corp. in an all-stock deal that will create a $10.6 billion producer, as the sector continues consolidating amid surging demand for batteries used in electric vehicles.
The two lithium producers said in a statement Wednesday that they’ll combine in a so-called merger of equals, establishing a new company that will have its primary share listing in New York. Upon completion of the transaction, expected by year end, Allkem shareholders will own about 56% of the merged company and Livent investors will hold the rest.