Following the transaction, Allkem will own 56% of the new firm, with the remaining stake going to Livent.
Allkem shareholders are set to receive the right to one share of a new public holding company for each existing Allkem share, while Livent shareholders will receive 2.406 shares in the new firm for each existing Livent share. Allkem shares have risen 15% so far this year as demand for lithium, a key material in electric vehicle batteries, from automakers grows strongly. Global demand for the metal is expected to surge more than five-fold by 2030.
The deal comes as Australian lithium miners have been fending off takeover attempts by U.S.-based commodity producers. In March, Liontown Resources
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