We are advising Livent on the transaction

Davis Polk is advising Livent on its all-stock merger of equals with Allkem, valuing the combined company at $10.6 billion. Under the merger, Livent shareholders will receive 2.406 shares in the combined company for each Livent share held. Following the transaction, Allkem and Livent shareholders are expected to own approximately 56% and 44% of the combined company, respectively. The transaction is subject to the satisfaction or waiver of customary closing conditions and has been unanimously approved by the board of directors of each company. The transaction is expected to close by the end of calendar year 2023.

Livent is a global leader in lithium processing technologies with nearly eight decades of experience producing a diverse range of lithium chemicals for energy storage and other specialty applications. Allkem brings complementary expertise in conventional brine-based lithium extraction, hard rock mining and lithium processing. With Livent’s technical and commercial capabilities and its deep customer relationships, and Allkem’s large and diverse resource base and significant growth pipeline, the combined company will be well-positioned to capitalize on the expected growth in lithium demand from electric vehicles and energy storage solutions.

The Davis Polk corporate team includes partners William H. Aaronson and Cheryl Chan and associates Alex Yang and Andrew R. Board. Partner William A. Curran is providing tax advice. Partner Kyoko Takahashi Lin and associate Chloe Wang are providing executive compensation advice. Partner Michael Kaplan is providing capital markets advice. Partner Howard Shelanski and counsel Suzanne Munck af Rosenschold are providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.