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Freshfields advises Li-Cycle on business combination with SPAC Peridot Acquisition Corp.
Freshfields is advising Li-Cycle on its business combination with SPAC Peridot Acquisition Corp. Upon closing, the combined company will be renamed Li-Cycle Holdings Corp. and will be listed on the New York Stock Exchange under the new ticker symbol “LICY.” The transaction includes a fully committed, upsized $315 million PIPE from investors including Neuberger Berman Funds, Franklin Templeton and Mubadala Capital, as well as Peridot sponsor Carnelian Energy Capital, existing Li-Cycle investor Moore Strategic Ventures and global marketing and strategic off-take partner Traxys S.A. The pro forma equity value of the combined company is approximately $1.67 billion. The transaction is expected to close in the second quarter of 2021.Li-Cycle is North America’s largest lithium-ion battery resource recycling company and is headquartered in the Province of Ontario.
More details about the transaction can be found here.
The Freshfields corporate team is led by Paul Tiger and Andrea Basham and includes associates Lucy Lei, Briony Driscoll, Wael Zwain and Sophia Berger, with partner Michael Levitt consulting along the way. Partner Robert Scarborough and senior associate David Mitchell are advising on tax matters, partner Olivia Radin and associate Weronika Bukowski on compliance matters, partner Lori Goodman and associate Jeffrey Anand on benefits matters, partner Mena Kaplan and associate Marissa Yu on IP matters, special counsel Peter Jaffe on data/privacy matters, and counsel Elizabeth Bieber on certain governance matters.
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