Harneys advises on $290 million acquisition

Harneys has successfully acted as legal counsel in the British Virgin Islands (BVI) for ACG Metals Ltd (formerly ACG Acquisition Company Limited) in its recent acquisition of the Gediktepe mine in Turkey. The transaction was finalised on September 3, 2024, and ACG's shares were re-admitted for trading on the London Stock Exchange under the new name ACG Metals on September 5, 2024.

ACG, a BVI-based company listed on the London Stock Exchange, transitioned from being a special purpose acquisition company (SPAC) to a strategic player in the critical metals industry. The company has set its sights on consolidating the copper sector through a series of roll-up acquisitions. ACG aims to establish itself as a leading supplier of copper and other critical metals to the original equipment manufacturer (OEM) supply chain in the West, with a strong commitment to environmental, social, and governance (ESG) principles and minimising its carbon footprint.

The Harneys team that supported ACG throughout this significant transaction was led by Partner George Weston and included James Kitching, Priya Mattu, Kiril Pehlivanov, Charlotte Allery, and J’Koya Fahie. The firm's strategic alliance partner, Harneys Fiduciary, provided corporate services to ACG, and the legal work was conducted under the instructions of Cleary Gottlieb.

George Weston expressed enthusiasm about the collaboration, stating, “We have been working closely with ACG for a number of years now, having assisted with their IPO in 2022, and are delighted to see them complete this acquisition. It is fantastic to see a thriving BVI incorporated company listed in London, and we look forward to working with them on their exciting future plans.”

Harneys’ Corporate team has a robust reputation for handling complex cross-border transactions involving entities from BVI, Cayman Islands, Luxembourg, and Cyprus. The firm boasts a significant track record in executing complex mega-deals, high-value private equity transactions, landmark IPOs, and a comprehensive range of public and private mergers and acquisitions (M&A) and joint ventures.