Ashurst advises on A$30m Western Lithium sale to Albemarle Lithium
07 July 2023
Global law firm Ashurst has advised Lithium Power International Limited (LPI) on the sale of its wholly owned subsidiary, Western Lithium Ltd (WLI), to Albemarle Lithium Pty Ltd (Albemarle), an Australian subsidiary of Albemarle Corporation. The transaction involves Albemarle acquiring 100% of WLI's shares for A$30 million.
The transaction provides LPI with an immediate realisation of value for WLI. It will result in a healthy cash balance as LPI progresses to finance and construct its flagship Maricunga lithium brine project in Chile.
Partner Murray Wheater said:
"We are delighted to have advised Lithium Power International Limited on the sale of Western Lithium Ltd to Albemarle Lithium Pty Ltd. Given the current conditions in equity capital markets, the transaction represents an attractive alternative to conducting a demerger and listing of Western Lithium Ltd on the ASX."
The Ashurst team was led by partner Murray Wheater, who was assisted by senior associate Josh Walsh and associates Daniel Lucanus and Benjamin Paganin (Corporate Transactions); senior associate Zoe Woolford and associate Dominique Roth (Projects & Energy Transition); and Counsel Michael Voros and associate Junaid Sheikh (Planning, Access and Environment).
