DeepGreen Metals, a developer of lower-impact battery metals for electric vehicles, today announced that it has entered into a definitive business combination agreement with Sustainable Opportunities Acquisition. The transaction represents a pro forma equity value of US$2.9 billion for the combined company, which will be renamed TMC and operate as The Metals Company upon closing.
The combined company is expected to have $570 million in cash at closing, including an upsized $330 million fully committed PIPE at $10 per share, anchored by an international consortium of strategic and institutional investors, including Allseas, adding to existing strategic investors Maersk Supply Service and Glencore.
The deal is expected to close in the second quarter, pending shareholder approval. Read more.
