Latham Advises on Private Credit Financing for ContextLogic’s Acquisition of US Salt From Emerald Lake in US$907.5 Million Transaction

ContextLogic Holdings Inc. (OTCQB: LOGC) has announced that it has agreed to acquire US Salt Parent Holdings, LLC and its subsidiaries (US Salt), a fully integrated producer of high-purity evaporated salt products, from private equity funds managed by Emerald Lake Capital Management (Emerald Lake), in a transaction valuing US Salt at an enterprise value of US$907.5 million (the Transaction). Emerald Lake had acquired US Salt as a corporate carve-out from Kissner in 2021. As part of this Transaction, investment funds advised by Abrams Capital will roll over substantially all of their equity investment in US Salt and collectively become the largest shareholder of ContextLogic. The transaction is expected to close in the first half of 2026 subject to customary approvals and closing conditions. The company intends to pursue a listing on a national securities exchange following the closing of the Transaction.

Latham & Watkins LLP represented Blackstone Credit & Insurance and the other financing sources supporting the acquisition with a team led by Stelios Saffos, Global Chair of Latham’s Capital Markets Practice, partners Peter Sluka and Mike Waldman, and counsel Katherine Page, with associate Jason Wang. Advice was also provided on tax matters by partner Bora Bozkurt, with associates Farrah Yan and Sam Yang.