Parties
Company
Sio Silica
Company
Pyrophyte Acquisition Corp.
On November 13, 2023, Sio Silica Corporation, a Canadian company specializing in high-purity quartz silica, and Pyrophyte Acquisition Corp., announced a definitive business combination agreement. The transaction values the combined entity at an enterprise value of C$947 million (US$708 million) and an equity value of C$1.014 billion (US$758 million). This includes approximately C$200 million (US$150 million) of gross capital (equity, debt, royalties, and Sio's cash) and an additional expected C$13 million (US$10 million) in flow-through equity. Post-transaction, the company, named Sio Silica Incorporated, plans to list its shares and warrants on the New York Stock Exchange under "SIOS" and "SIOS WS."
Financial advisors for the deal include BMO Nesbitt Burns Inc. for Sio, and UBS Securities LLC and Integral Wealth Securities Limited for Pyrophyte. Legal advisors are DLA Piper for Sio, and White & Case LLP for Pyrophyte, with Skadden, Arps, Slate, Meagher & Flom LLP advising BMO Capital Markets Corp. and UBS Securities LLC. The transaction, approved by both companies' Boards of Directors, awaits shareholder approval and customary closing conditions.
Deal Type
Merger & AcquisitionIndustry
MiningTransaction
Undisclosed/ConfidentialDeal Status
ActiveClosing Date