Rio Tinto has completed its acquisition of Arcadium Lithium plc (“Arcadium Lithium”) for $6.7 billion, following the sanctioning of the Scheme of Arrangement by the Royal Court of Jersey on 5 March. Rio Tinto is now the ultimate parent company of Arcadium Lithium, which will become Rio Tinto Lithium, and will also include the Rincon lithium project.
The acquisition establishes Rio Tinto as a global leader in the supply of energy transition materials and as a major lithium producer, with one of the world’s largest lithium resource bases.
In connection with the completion of the transaction, Arcadium Lithium’s shares, and CHESS Depositary Receipts (CDIs) will be delisted from the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX), respectively.
Stikeman Elliott acted as Canadian counsel to Arcadium Lithium with a team that included Stewart Sutcliffe, Steven Bennett, Miguel Manzano, Myriam Fortin, Taisa Morsky, Adriana Conti, Emily Sheehan (Corporate/Reorganization); John Lennard, Ashley Jung (Tax); Michael Laskey, David Feldman, and Laura Rowe (Competition).