Tianqi Lithium Energy Australia Pty Ltd agreed to acquire Essential Metals Limited (ASX:ESS) for approximately AUD 130 million on January 8, 2023. The Transaction will be funded using the cash generated by TLEA. The proposed Transaction is subject to various conditions including ESS shareholder and court approvals. ESS's Board of Directors has unanimously recommended that ESS shareholders vote in favor of the Scheme. As of March 17, 2023, Federal Court of Australia made the orders, that Essential convene a meeting of its shareholders to consider and vote on the Scheme, and approving the dispatch of an explanatory statement providing information about the Scheme. The Independent Expert has concluded that the Scheme is fair and reasonable and, therefore, in the best interests of Essential Shareholders, in the absence of a superior offer. TLEA expects the Transaction to complete by Early May, 2023.
Essential has appointed Sternship Advisers as financial advisor and HopgoodGanim as legal advisor. TLEA has appointed Grant Samuel as financial advisor, Clayton Utz as legal advisor and KPMG as tax & accounting advisor. BDO Corporate Finance (WA) Pty Ltd acted as a fairness opinion provider to Essential Metals Limited (ASX:ESS)

Tianqi Lithium Energy Australia Pty Ltd terminated the scheme implementation agreement to acquire Essential Metals Limited (ASX:ESS) on April 20, 2023. The scheme was not approved by Essential shareholders at the Scheme Meeting.