Latham Advises Anglo American on Sale of Steelmaking Coal Business for Up to US$3.875 Billion in Cash

Latham & Watkins has advised Anglo American on an agreement to sell its portfolio of steelmaking coal mines in Australia to Dhilmar Limited for a cash consideration of up to US$3.875 billion. The agreed cash consideration of up to US$3.875 billion comprises an upfront cash consideration of US$2.3 billion payable by Dhilmar at completion and a pricelinked earnout of up to US$1.575 billion. The transaction is subject to a number of conditions, including customary competition and regulatory clearances, and pre-emption arrangements. The upfront cash consideration is subject to normal completion adjustments and completion is expected by the first quarter of 2027.

The Latham team was led by London corporate partner Emily Cridland, with associates Harry Redford, Nathan Van As, Lauren Woo, Thomas Farrell, and Shakira Akhtar. Advice was also provided on regulatory matters by London partner Ludmilla Le Grand, with associate James Mathieson; on corporate matters by London partner Sam Newhouse; on tax matters by London partner Helen Lethaby, with associates Sam Duncan and Pastora Little-Morgan; on finance matters by London partner Hayden Teo, with associate Farisha Khan; and on commercial matters by London partner Christian McDermott, with associates Liz Longster and Callum Lee. Latham worked as an integrated legal team with Australian counsel, MinterEllison, whose deal team was led by partners Simon Scott and Jordan Phillips.