M&A · Energy · Mining & Quarrying of Nonmetallic Minerals (No Fuels)
Sayona Mining Limited to acquire Piedmont Lithium Inc.
Announced Nov 18, 2024 · Closed Aug 29, 2025
Deal value$253MEV $213M
Premium—To unaffected price
EV / Adj. EBITDA—4.5x EV / Revenue
ConsiderationAll stock$13.03 per share
Transaction
- Acquirer
- Sayona Mining Limited
- Target
- Piedmont Lithium Inc.
- Buyer type
- Strategic
- Offer price per share
- $13.03
- Enterprise value
- $213M
- Status
- Closed Aug 29, 2025
Deal protections
- Break fee (target pays)
- $2.6M · 1.0%
- Reverse fee (buyer pays)
- $2.6M · 1.0%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- JPMorgan
- JPMorgan fee
- $8.0M
Sector context · Energy
- Comparable deals
- 40 in the prior 24 months
- Premium
- Sector median 17.9%
- EV / Adj. EBITDA
- Sector median 8.0x
- Break fee
- 1.0% vs. 3.0% sector median
Timeline
- AnnouncedNov 18, 2024
- Proxy filedJun 20, 2025
- Definitive proxyJun 20, 2025
- Shareholder voteAug 22, 2025
- ClosedAug 29, 2025
Valuation · fairness opinions
Discounted cash flow$4.25$24.75
Precedent transactions$6.25$20.75
Sum of the parts$3.50$4.50
Sum of the parts$26.25$38.50
Offer $13.03
Implied value per Piedmont Lithium Inc. share by analysis, from JPMorgan · DCF discount rate 9%–11%.