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Carey 

June, 2018 - Santiago, Chile

 

 

Second largest cash-based M&A deal in Chile

 

Carey advised Tianqi Lithium Corporation (Tianqi) on the agreement to acquire a 24% stake of Sociedad Qu�mica y Minera de Chile (SQM) for approximately USD4.07 billion. Tianqi agreed to buy approximately 62.6 million Class A shares in SQM for USD65 each payable in cash. Closing is subject to regulatory and other customary authorizations in this type of transactions.

This transaction was particularly challenging considering the complexity of acquiring a non-controlling stake in SQM, a world leading fertilizer and lithium producer, with strict ownership and voting restrictions in the bylaws and a highly complex governance regime monitored by Chilean and US regulatory agencies. The transaction ranks as the second largest cash-based M&A deal in Chile ever.

Tianqi�s interest in promoting electric vehicles to combat air pollution and help China�s domestic car makers leapfrog the combustion engine, was one of the key drivers to acquire the 24% stake in SQM.

Tianqi and Nutrien must obtain regulatory clearance in China (antitrust approval) and India (Merger Order relating to the combination of Potash and Agrium) before closing.

Carey advised Tianqi through a team led by partners Francisco Ugarte, Rafael Vergara, Claudio Lizana and Jorge Ugarte, counsel Francisco Corona and associates Luciano Aguilera, Alejandro Montt, Borja Coz, Felipe Astaburuaga, Josefina Joannon, Pamela Morales and Reiner Baack.


 

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