Autralian lithium miner, Allkem Ltd., has agreed to acquire US rival, Livent Corp., in an all-stock deal that will create US$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 statetment line 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 percent of the merged company and Livent investors will hold the rest.
The combination will create a lithium producer with mines in Argentina and Canada with output equivalent to about seven percent of global supply in 2023. The new entity will become the world’s third-biggest lithium producer in terms of estimated capacity by 2027, the companies said in a representation.
SOURCE: www.batimes.com.ar