Sidley Represents Orion Resource Partners in Combination of Sweetwater Royalties With Uranium Royalty

Sidley represented funds managed by Orion Resource Partners LP in its agreement with Uranium Royalty Corp. to combine with entities owning a 92% interest in Sweetwater Royalties from funds managed by Orion and the Ontario Teachers’ Pension Plan. The transaction values Sweetwater at approximately US$1.9 billion.

Upon closing, Orion and the Ontario Teachers’ Pension Plan will receive a mix of cash and equity, and Orion is expected to retain a significant ownership stake of approximately 43% in the combined company. The combination creates the largest publicly traded U.S. non-precious metals royalty company, enhancing scale, cash flow generation, and long-term growth potential.

The Sidley team was led by Andrew J. Fadale (M&A and Private Equity), Noam M. Waltuch (Tax), and Chanse J. Barnes (Energy and Infrastructure), and included David Grubman (M&A and Private Equity); John W. Stribling, Claire Manson, and Michelle T. Nguyen (Energy and Infrastructure); Zackary Pullin and Andy J. Lau (Tax); James W. Lowe, Mary K. Marks, and Chloe I. Larsen (Antitrust and Competition); Maureen M. Crough and Nicole E. Noëlliste (Environmental, Health, and Safety); Lauren A. Gallagher and Matthew T. Green (Employee Benefits and Executive Compensation); James Mendenhall (Global Arbitration, Trade and Advocacy); and Elizabeth K. McCloy (Real Estate).