Glencore Canada Corporation has completed the acquisition of certain subsidiaries and assets of Li-Cycle Holdings Corp. under an amended equity and asset purchase agreement dated May 14, 2025. The transaction, structured as a credit bid with the assumption of specified liabilities, includes Li-Cycle’s recycling “Spokes” in Arizona, Alabama, New York, Ontario and Germany, its Rochester Hub project, and its intellectual property portfolio.
The acquisition was approved by the Ontario Superior Court of Justice (Commercial List) on August 1, 2025, and recognized by the United States Bankruptcy Court for the Southern District of New York on August 5, 2025, as part of Li-Cycle’s Chapter 15 insolvency proceedings. These court orders confirmed the company’s court-supervised sale and investment solicitation process.
Glencore Canada also provided an update on its position in Li-Cycle’s unsecured convertible notes. As of August 7, 2025, Glencore holds convertible notes with an aggregate principal amount of US$327,405,516.54. If fully converted at current conversion prices, including accrued interest, Glencore would hold 74,587,088 common shares—approximately 62.6% of Li-Cycle’s partially diluted outstanding shares, inclusive of 7,423 shares held by a nominee for the benefit of Glencore International AG and/or Glencore plc. The company previously disclosed that conversion as of March 14, 2025, could have resulted in ownership of 84,404,412 shares, or roughly 66.7% of the partially diluted share capital.
Each reporting person within Glencore reserves the right to adjust its plans and intentions regarding Li-Cycle at any time. An amended early warning report will be filed on SEDAR+ to update the initial disclosure submitted on May 16, 2025.
Glencore Canada Corporation is a wholly owned indirect subsidiary of Glencore plc, a diversified natural resource producer and commodities trader.
Source: CNW
