On November 18, 2024, Australia’s Sayona Mining (ASX: SYA) agreed to acquire U.S.-based Piedmont Lithium (NASDAQ: PLL) in an all-stock merger valued at $623 million (CAD 841 million). The combined company will streamline operations of their Quebec joint venture, North American Lithium (NAL), and strengthen their position in the North American EV sector.

The transaction includes AUD 40 million (CAD 34 million) and AUD 69 million (CAD 59 million) raised by Sayona, and USD 27 million (CAD 37 million) in shares issued by Piedmont. Shareholders of both companies will hold equal stakes in the merged entity.

Advisors for the deal include Gibson Dunn, Thomson Geer, and Bennett Jones for Piedmont. Herbert Smith Freehills, Baker Botts, and McCarthy Tétrault advised Sayona. Completion is expected in 2025, subject to approvals.