Conyers Advises DeepGreen in connection with its proposed US$2.9 Billion merger with Sustainable Opportunities Acquisition Corporation.
Conyers provided Cayman Islands legal advice to Canadian-based DeepGreen Metals Inc. (DeepGreen) in connection with its $2.9 billion proposed merger with Sustainable Opportunities Acquisition Corporation (NYSE: SOAC).
DeepGreen is a developer of lower-impact battery metals from unattached seafloor polymetallic nodules, and Sustainable Opportunities Acquisition Corporation (NYSE: SOAC), is a Cayman Islands special purpose acquisition company (SPAC) with a dedicated environmental, social, and corporate governance (ESG) focus and deep operational and capital market capabilities in the energy and resource sectors.
The transaction includes an upsized $330 million fully committed common stock Private Investment in Public Equity (PIPE) and reflects a pro forma equity value for the combined company of approximately $2.9 billion. The closing of the transaction is expected to take place in the second quarter of 2021.
Partners Matthew Stocker and Jonathan Milne, Counsel Alex Davies and Associate Kiah Estwick of Conyers’ Cayman office advised on the Cayman Islands legal and regulatory aspects of the transaction working alongside Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. as lead legal advisor to DeepGreen.