SQM Australia Pty Ltd agreed to acquire Azure Minerals Limited (ASX:AZS) for AUD 1.5 billion on October 26, 2023. Each Azure shareholder on the Scheme Record Date will receive a cash amount of AUD 3.52 per Azure share, which implies a fully-diluted equity value for Azure of AUD 1.63 billion The Azure Board unanimously recommends that Azure shareholders support the Transaction. The Transaction is subject to limited conditions, including SQM obtaining approval from FIRB. The transaction is not subject to any financing or due diligence conditions. Azure may be required to pay a break fee to SQM and circumstances where SQM may be required to pay Azure a reverse break fee. The amount of the break fee and reverse break fee, should either become payable, is AUD 15.6 million. In a related transaction, Georgina Hope Rinehart and Hancock Prospecting Pty Ltd has been buying shares to build up a position totaling 81,562,214 Azure Minerals shares, equates to an 18.3% stake on October 26, 2023. SQM may elect to make an off-market takeover, which is not subject to the same condition. Instead of getting 100% of the Azure Minerals Limited, SQM may unite with Rinehart.

Barrenjoey is acting as financial adviser to Azure Minerals Limited. Corrs Chambers Westgarth and David Gray, Jay Leary and Harley Gardiner of Herbert Smith Freehills LLP acted as legal adviser to Azure Minerals Limited. Macquarie Group Services Australia Pty Limited acted as financial advisor to SQM Australia Pty Ltd.