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Toronto-based battery minerals company finalises $130m takeover
Piper Alderman has advised Toronto-based battery minerals company Cobalt 27 Capital Corp on its $130 million takeover of Highlands Pacific.
Emma Musgrave
Firms: Piper Alderman (Cobalt 27 Capital Corp); Allens Linklaters (Highlands Pacific); King & Wood Mallesons (PanAust)
Value: $130 million
Area: M&A
Key players: The team at Piper Alderman was led by partner Mark Williamson, and included partners Sina Kassra and Mark Gordon, as well as senior associate Christopher Lyons and lawyers Egor Serov and Sam Blight.
Deal significance: Cobalt 27 is a Toronto-based battery minerals company. It invests in minerals that are integral to key technologies of the electric vehicles and battery energy storage markets.
Cobalt 27 was Highlands’ largest shareholder and this arrangement has seen Cobalt 27 acquire the remaining Highlands shares for an all-cash offer price of $0.105 per share. A further $0.01 per share is payable under the scheme if the price of nickel exceeds an agreed threshold before 31 December 2019, according to a statement from Piper Alderman.
“Parallel with the scheme, Cobalt 27 is on-selling the Frieda River Asset (an asset of Highlands Pacific) to PanAust,” the firm noted.
The acquisition of Highlands by Cobalt 27 increases the latter's exposure to the Ramu nickel-cobalt mine in Papua New Guinea – “creating a leading high-growth, diversified battery metals streaming and royalty company”.
Commenting further on the deal Piper Alderman partner Mark Williamson said: “This transaction involved numerous complex and novel issues. The challenges came thick and fast, but we are very pleased to have been able to overcome those challenges through fantastic teamwork and innovative thinking”.
“We are delighted to have assisted Cobalt 27 in completing this deal that will see them become an even more significant player in the battery minerals market.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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