Anglo Pacific Group plc (LSE:APF) agreed to acquire Copper and Nickel Royalty Portfolio from South32 Royalty Investments Pty Ltd for $200 million on July 12, 2022. Under the terms of the acquisition, Anglo Pacific will pay a fixed consideration of $185 million with further contingent consideration of up to $15 million. The transaction also includes contingent consideration of up to US$15 million, which may be payable subject to future nickel prices and minimum production levels at West Musgrave post commencement of production. The initial consideration comprises a $47.6 million cash payment along with an $82.4 million share issuance on completion to South32, which will become a 16.9% shareholder in the enlarged business. In addition, Anglo Pacific will make six quarterly cash payments totalling $55 million, to be paid in equal instalments over the next 18 months. These will be largely self-financed by cash flow generated from the Group's current asset portfolio. The acquisition is expected to close in the second half of July 2022. Oliver Ward, Scott Fisher and Dhaval Desai of Canadian Imperial Bank of Commerce, London Branch ("CIBC") acted as financial advisor to Anglo Pacific on the transaction. Farid Dadashev and Jamil Miah of RBC Capital Markets along with Ross Allister, Alexander Allen and David McKeown of Peel Hunt LLP and Matthew Armitt, Jennifer Lee and Detlir Elezi of Berenberg acted as financial advisors to Anglo Pacific.