Impala Platinum Holdings Limited’s Acquisition of North American Palladium


Baker McKenzie advised Impala Platinum Holdings Limited on its acquisition of 100% of the issued and outstanding common shares of North American Palladium for total cash consideration of approximately C$1.0 billion (approx. €684.26 Million).

The Transaction was implemented pursuant to a plan of arrangement in Canada according to an arrangement agreement entered into between NAP, Implats, and Implats’ wholly-owned Canadian subsidiary 11638050 Canada Inc (“Bidco”). The board of directors of NAP has unanimously approved the Transaction and will recommend to NAP shareholders that they vote in favour of the Transaction. In addition, the majority shareholder of NAP, an affiliate of Brookfield Business Partners LP, and all directors and officers of NAP which, in aggregate, beneficially own or control c. 81% of the outstanding common shares of NAP, have entered into voting agreements with Implats and BidCo to support and vote in favour of the Transaction. In addition to NAP shareholder approval, the Transaction is subject to the receipt of certain regulatory, court and stock exchange approvals and the satisfaction of other customary closing conditions.

The Baker McKenzie M&A team was led by partners Morne van der Merwe (Picture), Marc Yudaken (both of Johannesburg) and Greg McNab (Toronto) with assistance from associates Tanya Seitz and Bryce Bartlett (both of Johannesburg) and Braden Schnarr (Toronto). The Baker McKenzie finance team was led by partners Wildu du Plessis (Johannesburg), Haden Henderson and Nick O’Grady (both of London) with assistance from associates Samantha Greer, Nick Cusack, AJ Brown, Conor Lovie, Sonali Maulik (all of London) and Chantel Van Zyl (Johannesburg). The Baker McKenzie tax team was led by partners Stephan Spamer (Johannesburg) and Peter Clark (Toronto) with assistance from senior executive, Arnaaz Camay (Johannesburg). The Baker McKenzie antitrust team was led by Nancy Hamzo (Toronto).

Involved fees earner: Bryce Bartlett – Baker McKenzie; Andrew J. Brown – Baker McKenzie; Arnaaz Camay – Baker McKenzie; Peter Clark – Baker McKenzie; Nick Cusack – Baker McKenzie; Wildu du Plessis – Baker McKenzie; Samantha Greer – Baker McKenzie; Nancy Hamzo – Baker McKenzie; Haden Henderson – Baker McKenzie; Conor Lovie – Baker McKenzie; Greg McNab – Baker McKenzie; Nick O’Grady – Baker McKenzie; Braden Schnarr – Baker McKenzie; Tanya Seitz – Baker McKenzie; Stephan Spamer – Baker McKenzie; Morné van der Merwe – Baker McKenzie; Chantel Van Zyl – Baker McKenzie; Marc Yudaken – Baker McKenzie; Sonali Maulik – Mayer Brown;

Law Firms: Baker McKenzie; Mayer Brown;

Clients: Impala Platinum Holdings Limited;