DeepGreen to go public via $2.9 billion SPAC deal
DeepGreen Metals, an EV battery metals maker, said on
Thursday that it will be acquired by blank-check firm Sustainable Opportunities
Acquisition Corp in a $2.9 billion deal.
The deal will consist of a $330 million private investment
from investors along with Allseas, adding to the list of existing strategic
investors such as Maersk Supply Service and Glencore.
Vancouver-based DeepGreen intends to produce metals from
polymettalic rocks, found in deep oceans, for use in batteries that will power
electric vehicles.
The company’s partners include Danish shipping company
Maersk and Swiss offshore drilling company Allseas Group SA.
Sustainable, a so-called special purpose acquisition company
(SPAC), raised $300 million in an initial public offering in May last year.
SPACs are shell companies which raise funds to pursue an
acquisition at a later date. It serves as an alternative to a traditional IPO
for companies looking to enter public markets.
The combined entity will be listed under the new ticker
symbol “TMC”.
Nomura Greentech and Citi are the financial advisors to
DeepGreen and Sustainable respectively.
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