By Rhiannon Hoyle
Australia's Sayona Mining agreed to buy North Carolina-based Piedmont Lithium to create a top North American lithium producer that can better withstand swings in the fast-growing lithium market.
Under the terms of the deal, a new subsidiary of Sayona will merge with Piedmont Lithium, the Brisbane-based miner said Tuesday. Stock in the combined group will be held roughly 50-50 by shareholders of each company.
"This merger marks a transformative step for Sayona and Piedmont, creating a leading North American lithium producer with the scale and capabilities to meet the growing demand for lithium products," said Sayona Chief Executive Lucas Dow, who will be CEO of the combined business.
The group will be based in Australia, with a primary listing on Australia's stock exchange and a secondary listing of American depositary shares on the Nasdaq, Sayona said.
Sayona and Piedmont Lithium directors have unanimously approved the deal, said Sayona, which expects it to be completed in the first half of next year.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
November 19, 2024 00:04 ET (05:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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