Tianqi Lithium Coporation’s $1 Billion Mezzanine financing for the acquisition of Sociedad Química y Minera de Chile S.A.

Carey, Latham Watkins, Guerrero Olivos and White and Case advised on the transaction

Nutrien Ltd. and Tianqi Lithium Corporation have signed an agreement, whereby Tianqi Lithium has agreed to purchase 62,556,568 “A shares” of Sociedad Química y Minera de Chile S.A. (“SQM”) held by Nutrien for consideration of $65 per share in cash. The announced transaction represents the entirety of Nutrien’s “A shares” at a gross valuation of approximately US$4.07 billion.

In order to partially finance the transaction, Tianqi Lithium Corporation secured a $1 billion Mezzanine Financing.

SQM is an integrated producer and distributor of lithium, iodine, specialty plant nutrients, potassium-related fertilizers and industrial chemicals.

Nutrien still retains ownership of 20,166,319 SQM “B shares” and expects to divest these shares in due course.

Latham Watkins advised Tianqi Lithium Coporation with a team including Howard Lam, Trinh Hoang, Zarmina Tirmzi, Evangeline Tsui and Rachel Kwong.

Carey adivsed Tianqi Lithium Corporation with a team including Francisco Ugarte (Picture), Luciano Aguilera, Pamela Morales, Reiner Baack, Domingo Russi and Vicente Güell

Guerrero Olivos advised the Citic Bank International Limited – acting as mezzanine lender – with a team including Juan Enrique Allard, Macarena Ravinet, Miguel Coddou and Tomás Montes.

White and Case advised Citic Bank International Limited with Tiffanie Chan.

Involved fees earner: Luciano Aguilera – Carey; Reiner Baack – Carey; Vicente Güell – Carey; Pamela Morales – Carey; Domingo Russi – Carey; Francisco Ugarte – Carey; Juan Enrique Allard – Guerrero Olivos; Miguel Coddou Astrain – Guerrero Olivos; Tomás Montes M. – Guerrero Olivos; Macarena Ravinet – Guerrero Olivos; Trinh Hoang – Latham & Watkins; Howard Lam – Latham & Watkins;

Law Firms: Carey; Guerrero Olivos; Latham & Watkins;

Clients: China CITIC Bank; Tianqi Lithium Corporation;

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Author: Ambrogio Visconti.