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Anglo Pacific Group invests $270m in metals projects

Natural resources and royalties business Anglo Pacific Group has acquired a portfolio of royalties from an investment group in a deal worth $270 million.

user iconLauren Croft 27 July 2022 Big Law
Anglo Pacific Group invests $270m in metals projects
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Firm: Clayton Utz (Anglo Pacific Group)

Deal: Clayton Utz has advised LSE- and TSX-listed Anglo Pacific Group on its acquisition from South32 Royalty Investments of a high-quality portfolio of royalties over advanced development base metals projects.

 
 

Value: $270 million

Area: Corporate, mergers and acquisition

Key players: Corporate partners Brett Cohen and Stuart MacGregor led the Clayton Utz team, which included key transaction lead senior associate Georgia Denny and lawyer Luke Crofts. 

Deal significance: The US$185 million ($270 million) consideration comprises a US$47 million cash payment, six quarterly cash payments totalling US$55 million (to be paid over the next 18 months), and an US$82.4 million share issuance to South32, which will become a 16.9 per cent shareholder in the enlarged business.

In a statement, Anglo Pacific said the transaction “further reinforces [our] position as the leading royalty and streaming company focused on future-facing commodities that are critical to achieving the energy transition required to support a more sustainable world”.

Congratulating Anglo Pacific, the firm said: “It has been a privilege to work with our long-standing client Anglo Pacific Group on this significant acquisition of a high-quality portfolio of royalty interests over advanced development projects in multiple jurisdictions around the world.”