Harneys advises ACG on US$1 billion SPAC mine deal

Harneys is acting as legal counsel to ACG Acquisition Company Ltd, a BVI company, on a US$1 billion-plus M&A transaction involving the purchase of mining rights in Brazil. The deal is backed by global miner Glencore, Chrysler parent Stellantis, and Volkswagen's battery unit PowerCo. The transaction is expected to close in July 2023 and is subject to the customary shareholder consents and conditions precedent.

ACG is a London-listed special purpose acquisition company (SPAC) and will buy the Santa Rita nickel sulphide and Serrote copper mines from private equity funds advised by Appian Capital. Only a few such deals have taken place in mining, and at listing, ACG was the first BVI-incorporated SPAC to list in London under the new listing rules.

The Harneys team was led by Partner George Weston with support from Partner Rachel Graham, Senior Associate James Kitching, and Associates Charlotte Allery, Rhonda Brown, and Priya Mattu.

George said: "We have been working closely with ACG for a number of years now and are delighted to see them reach agreement on this transaction. We wish them every success with their exciting future.”

The Corporate team at Harneys excels at complex cross-border transactions involving BVI, Cayman Islands, Luxembourg, and Cyprus vehicles. The firm’s significant track record includes complex mega-deals, high value private equity transactions, landmark IPOs, and the full spectrum of public and private M&A and joint ventures.