DLA Piper has advised the Volkswagen Group and its battery company PowerCo SE on the comprehensive compliance due diligence in connection with a USD48 million direct investment in the Canadian lithium company Patriot Battery Metals.
With Volkswagen and PowerCo’s direct investment in the lithium supply chain, PowerCo is underlining its vertical integration strategy from mine to battery. Beside the direct investment, the partnership also includes a long-term supply commitment of Patriot Battery Metals to secure lithium supplies for the Volkswagen Group. PowerCo and Patriot jointly plan to explore further strategic opportunities to establish a competitive, sustainable and CSDDD/LkSG-compliant battery supply chain.
The transaction is subject to approval from the Toronto Stock Exchange (TSX).
The project underscores the strength of DLA Piper’s international offering in the area of ESG and compliance due diligence with German and Canadian M&A compliance and ESG teams providing seamless advice on the diligence, handling and mitigation of complex ESG and compliance topics throughout the process.
The international DLA Piper team for this transaction was led by partner Dr Moritz von Hesberg (Corporate/M&A, Hamburg) and included partners Alan Sarhan (Corporate/M&A, Montréal/Toronto), Dr Christian Schoop (Compliance/White Collar Crime, Frankfurt), Guido Kleve (ESG/ Regulatory, Cologne), Dr Nils Krause (Corporate/M&A, Hamburg) as well as counsel Sebastian Mai (Compliance/White Collar Crime, Frankfurt), senior associate Hauke Tammert (ESG/Regulatory, Cologne) and associates Melanie Bierwirth (Corporate/M&A, Hamburg) and François Tremblay (Corporate, Montréal) in the core team.
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