Conyers provided Cayman Islands legal advice to Sacramento-based Origin Materials (Origin) in connection with its merger with Artius Acquisition Inc. (Artius) for an enterprise value of approximately US$1.8 billion.
Origin is the world’s leading carbon negative materials company who, over the past 10 years, has developed a platform for turning the carbon found in non-food biomass into useful materials, while capturing carbon in the process. The transaction was supported by existing and new investors, including Danone, Nestlé Waters, PepsiCo, Mitsubishi Gas Chemical and AECI, as well as certain funds and accounts managed by Sylebra Capital, Senator Investment Group, Electron Capital Partners, BNP Paribas AM Energy Transition Fund and affiliates of Apollo.
The transaction was unanimously approved by Artius’ board of directors and was approved at an extraordinary general meeting of Artius’ shareholders on June 23, 2021. In connection with the closing, Artius changed its name to Origin Materials, Inc. and the newly merged company began trading on the Nasdaq on June 25, 2021.
Partner Matthew Stocker, 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 Cooley LLP as lead legal advisor to Origin.