Princeton-based Rockwood Holdings Inc. has completed a $475 million acquisition of the ownership interest to create a joint venture with Sichuan Tianqi Lithium Industries Inc., giving Rockwood a 49 percent ownership interest in Talison Lithium Pty Ltd.
“Completing the acquisition of 49 percent in Talison is a significant strategic step as we move forward to position Rockwood Lithium as the premier provider of lithium products to our global customers. We are now uniquely situated with significant and diverse lithium resources in multiple continents, including South America, North America and now Australia. This will assure our customers that we have the ability to meet their fast-growing needs,” Seifi Ghasemi, chairman and CEO, said in a statement.
“Additionally, this acquisition drives meaningful shareholder value as it meets all of our key capital allocation criteria that we previously announced. It is the leading spodumene producer with the largest and richest mine operations in the world, accretive from day one and expected to deliver margins well over our 25 percent target. We look forward to working with our Chinese partner to further develop and grow this excellent resource,” Ghasemi said.
According to the announcement, Lazard was Rockwood’s financial advisor and Clifford Chance was its legal advisor.
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