Canadian uranium exploration company IsoEnergy has concluded the previously announced acquisition of Consolidated Uranium.

Under the merger agreement, IsoEnergy acquired all the issued and outstanding shares of Consolidated Uranium that it did not own earlier.

The deal valued Consolidated Uranium at almost $669.4m (C$903.5m). Pursuant to the deal, Consolidated Uranium shareholders secured 0.5 shares of IsoEnergy for each share held.

Overall, IsoEnergy issued nearly 52.1 million shares under the transaction.

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By GlobalData

IsoEnergy shareholders will now own around a 70.5% stake in the combined business, while the remaining 29.5% interest will be held by Consolidated Uranium shareholders.

When the deal was announced in September 2023, IsoEnergy stated that it could bring greater access to capital and trading liquidity.

Through the combination, IsoEnergy is now expected to have the scale to boost its commercial participation in the nuclear fuel market.

The company will now start focusing on the restart, development and exploration of its projects while growing its portfolio via mergers and acquisitions (M&A) activities.

The investors can also be exposed to significant exploration across a diversified portfolio of properties in the US, Canada, Australia and Argentina.

IsoEnergy CEO and director Philip Williams said: “The closing of the merger between IsoEnergy and Consolidated Uranium marks a significant milestone for IsoEnergy in cementing its position as a well-funded, globally significant, multi-asset, multi-jurisdiction uranium developer and explorer.

“The company now ranks among the largest publicly traded uranium companies in the world allowing for greater access to capital and trading liquidity, broader attractiveness among investors and utilities as well as positioning the company strongly for continued growth through further M&A.

“With significant opportunities for advancement within the combined company’s portfolio of assets, we look forward to unlocking value through exploration, particularly at Hurricane, progressing our US assets toward a production-ready state, and advancing our Australian projects, all with uranium prices surpassing 16-year highs.

“Moreover, I extend my gratitude to the departing directors of CUR [Consolidated Uranium] for their invaluable support and guidance during the past three years. We wish them well as they pursue further endeavours.”