Sustainable Opportunities Acquisition Corporation’s $2.9 Billion Combination With DeepGreen Metals

Kirkland & Ellis counseled Sustainable Opportunities Acquisition Corporation on the merger with DeepGreen, assisted by Conyers.

DeepGreen Metals Inc., a developer of lower-impact battery metals from unattached seafloor polymetallic nodules, entered into a definitive business combination agreement with Sustainable Opportunities Acquisition Corporation (NYSE: SOAC), a special purpose acquisition company with a dedicated ESG focus and deep operational and capital market capabilities in the energy and resource sectors. The transaction represents a pro forma equity value of US$2.9 billion (assuming no redemptions) for the combined company, which will be renamed “TMC the metals company Inc.” and operate as The Metals Company upon closing.

The Kirkland team advising SOAC was led by transactional partners Doug Bacon (Picture) and Ryan Brissette and associates Stephen Noh, Cale Curtin and Daniel Yip; capital markets partners Julian Seiguer, Peter Seligson and Bryan Flannery and associate James Long; and real assets partner Anthony Speier and associates Lindsey Jaquillard and Chis Atmar.

The Conyers team included Partners Matthew Stocker and Jonathan Milne, Counsel Alex Davies and Associate Kiah Estwick.

Involved fees earner: Alex Davies – Conyers Dill & Pearman; Kiah Estwick – Conyers Dill & Pearman; Jonathon Milne – Conyers Dill & Pearman; Matthew Stocker – Conyers Dill & Pearman; Christopher Atmar – Kirkland & Ellis; Douglas Bacon – Kirkland & Ellis; Ryan Brissette – Kirkland & Ellis; Cale Curtin – Kirkland & Ellis; Bryan Flannery – Kirkland & Ellis; Lindsey Jaquillard – Kirkland & Ellis; James Long – Kirkland & Ellis; Stephen Noh – Kirkland & Ellis; Julian Seiguer – Kirkland & Ellis; Peter Seligson – Kirkland & Ellis; Anthony Speier – Kirkland & Ellis; Daniel Yip – Kirkland & Ellis;

Law Firms: Conyers Dill & Pearman; Kirkland & Ellis;

Clients: DeepGreen; Sustainable Opportunities Acquisition Corporation;

Martina Bellini

Author: Martina Bellini