White & Case Advises Copeba on Its Acquisition of Ned Stevens

Global law firm White & Case LLP has advised Cobepa SA, a leading Belgium-based independent private equity investor, on its acquisition of Ned Stevens, one of the leading gutter cleaning and home maintenance service providers in the United States, from AVALT.

Ned Stevens, which operates in 15 states and services more than 140,000 customers, provides gutter cleaning and other exterior residential services such as dryer vent cleaning, power washing, and window cleaning. The new investment will provide Ned Stevens with significant resources to continue its rapid growth.

The White & Case team was led by M&A partners Thierry Bosly (Brussels), Luke Laumann (New York) and Morgan Hollins (Houston), and included M&A partners Arnaud Cagi-Nicolau and Thomas Glauden (both in Luxembourg), associates Ty Akkoyun, Cristen Callan, Shirley Zhang (all in New York), Yasin Khan (Houston), Olivier Poinsignon and Morgane Bieber (both in Luxembourg); Antitrust partner Rebecca Farrington (Washington, DC) and associates Naari Ha (Washington, DC) and Cassandra Calderon (New York); White Collar/Investigations partner Eric Grannon (Washington, DC); Employment, Compensation & Benefits partner Tal Marnin (New York), counsel Aaron Feuer (New York) and associate Tyrone Crawford (Washington, DC); Real Estate partner Steven Lutt and associate Christian Berger (both in New York); Environmental & Climate Change partner Seth Kerschner (New York); Technology Transactions partner Arlene Arin Hahn and associates Jarrah Al-Buainain and Andie Reyes (all in New York); Data, Privacy & Cybersecurity partner F. Paul Pittman (Washington, DC) and associate Shira Shamir (New York); Tax partners David Dreier (New York) and Christophe Goossens (Luxembourg) and associate Grayson Weeks (New York); Foreign Direct Investment partners Farhad Jalinous and Karalyn Mildorf, and associate Tim Sensenig (all in Washington, DC); Debt Finance partner Justin Wagstaff, and associates Shana White and Arthur Nahas (all in New York); and Derivatives partner Ian Cuillerier (New York). Law clerks Elizabeth Mitreski and Thomas Boulger assisted on the matter.

White & Case Advises N+P Group on Acquisition of Crayford Materials Recycling Facility

Global law firm White & Case LLP has advised N+P Group on its acquisition of the Crayford Materials Recycling Facility from Viridor.

“This is the second time we’ve advised N+P in the last year as the company looks to expand its UK footprint and ramp up production of its innovative high grade alternative fuels,” said White & Case partner Richard Jones, who led the Firm’s deal team. “N+P’s investment in the Crayford facility will contribute to the global energy transition and help Londoners use their waste in the most efficient way. It is also another example of our ability to advise on complex separation issues on carve-out transactions such as this.”

N+P is an alternative fuels provider based in the Netherlands. Its core product, Subcoal, is a high grade alternative fuel pellet based upon various non-recyclable commercial and industrial waste streams. The fuel pellet can be used in many industrial applications as a substitute for solid fossil fuels like coal or lignite, including in coal power stations and in blast furnaces used in the steel making processes.

The Crayford Materials Recycling Facility is a key piece of recycling infrastructure in the London and south east England area and is one of the largest materials recycling facilities in England. It receives approximately 330,000 tonnes of commingled recyclate from 27 different local authorities a year. N+P aims to increase the capacity of the plant by around 170,000 tonnes, to 500,000 tonnes per year. This will enable N+P to produce its alternative fuels at the site from the non-recyclable waste fraction of the input.

The acquisition of the Crayford Materials Recycling Facility is the third by N+P since entering a strategic partnership with energy and commodity group Mercuria Energy Trading in April 2021, on which White & Case also advised. N+P intends to add a number of new alternative fuel production plants to its operation in Europe by 2026.

The White & Case team in London which advised on the transaction was led by partner Richard Jones, with support from partners Philip Trillmich, Lindsey Canning, Nicholas Greenacre, James Johnson, Martin Forbes and Will Smith and associates James Richards, Zack Trumper, Peter North, Amy Detheridge, Sarah Lee, Matt Ross, Francesca MacSwiney and Marco Zacchino.

W&C Advises on Telecommunication PPP Project in Indonesia

Global law firm White & Case LLP and exclusive Indonesian association law firm Witara Cakra Advocates (WCA) have advised the lenders on the financing of the US$540 million Indonesia Government Multifunction Satellite Public Private Partnership (PPP) Project.

“This exciting project will harness satellite-based connectivity to bring significant social and economic benefits to remote parts of Indonesia,” said White & Case partner Mukund Dhar, who co-led the Firm’s deal team. “It is a unique transaction which demonstrates the cross-border experience and cross practice capabilities our clients rely on us for when financing first-of-their kind major satellites in the telecommunications sector.”

Indonesia’s Ministry of Communication and Informatics (KOMINFO) initiated the Government of Indonesia Multifunctional Satellite PPP Project to provide fast internet access to remote areas in Indonesia, which can be accessed by various government sectors, such as maritime, education, health, agriculture, communication and others. Satellite-based connectivity is the only feasible access technology to cost-effectively address these remote locations.

The Project is being executed by PT Pasifik Satelit Nusantara (PSN), the first private satellite-based telecommunication company in Indonesia, through its subsidiary PT Satelit Nusantara Tiga (SNT).  French aerospace manufacturer Thales Alenia Space is constructing the satellite which will have a capacity of 150 gigabytes/second in the Ka-Band frequency.

“This is the first telecommunication satellite PPP Project in Indonesia and will support the Government of Indonesia’s goal to provide connectivity to more than 149,000 Public Service Points in the country,” said White & Case partner Tom Bartlett, who co-led the Firm’s deal team. “These points will include schools, health centers and local villages, connecting approximately 45 million individuals.”

The financing was provided by a number of financial institutions including the Asian Infrastructure Investment Bank (AIIB), a multilateral financial institution focused on Asia and commercial banks, HSBC, Banco Santander and Korea Development Bank (KDB), and guaranteed by Banque publique d’investissement (Bpifrance), the French Export Credit Agency.

The White & Case and WCA team which advised on the transaction was led by partners Mukund Dhar and Tom Bartlett (both London) and included association partner Fajar Ramadhan (Jakarta), partners Jason Kerr, Swati Tripathi and Ingrid York (all London), partner of counsel Sylvia Chin (New York), counsel David Wright (London) and Fern Han (Houston), and associates Dayle Perles Fattal, Tom Wilkinson, Eduardo Barrachina and Matt Steele (all London), Deborah Victoria and Janet Lim (both Jakarta), Amr Jayousi (Houston), Surya Gopalan (New York) and Berdine Geh (Singapore).

White & Case Advises on Aeroflot’s US$1 Billion Capital Increase

Global law firm White & Case LLP has acted as the sole international legal adviser on the more than US$1 billion equity fundraise by PJSC Aeroflot, Russia’s largest airline group.

“The White & Case team, acting as sole international legal counsel, has successfully advised on this strategically important transaction for Aeroflot,” said White & Case partner Darina Lozovsky, who co-led the Firm’s deal team. “It is the largest capital increase by a company listed on the Moscow Exchange since 2013.

VTB Capital acted as the sole global coordinator and bookrunner on the offering. The fundraise is part of the Aeroflot’s  financial strategy of strengthening its equity and liquidity position in context of the exceptional circumstances caused by the coronavirus pandemic.

The White & Case team that advised on the transaction was led by partner Darina Lozovsky (Moscow & London) and local partner Dmitry Lapshin (Moscow), and included partner Inigo Esteve (London) and associates Renat Akhmetzyanov, Anastasia Sheyndlina (both Moscow) and Samuel Curme (London).

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White & Case Advises EIG on Investment in Solar PV Pipeline

Global law firm White & Case LLP has advised EIG Global Energy Partners (EIG), a US-based investor in the global energy and infrastructure sectors, on the commitment from EIG managed funds of €135 million for ib vogt GmbH’s global solar pv portfolio.

“White & Case is a leading adviser to the global energy industry, said White & Case partner Carina Radford, who led the Firm’s deal team. “Our cross-practice and cross-border deal team on this unique transaction showcased the experience and capabilities our clients rely on when pursuing their strategically important investments.”

ib vogt is a German-based, family-owned company that has developed a global pipeline of solar pv projects in excess of 16 GWp. The investment from EIG will support the realization of ib vogt’s projects in the coming years and contribute to meeting the strong growth in global demand for clean electricity.

The White & Case team that advised on the transaction included partners Carina Radford and Richard Jones (both London), Bodo Bender, Carola Glasauer, Roger Kiem, Andreas Lischka and Markus Burianski (all Frankfurt), Riaz Janjuah (Hamburg), Alessandro Nolet (Milan), Marius Griskonis (New York), Chad McCormick (Houston) and Daniel Hagan (Washington, DC), local partners Cristina Freudenberger and Sebastian Pitz (both Frankfurt), counsel Tallat Hussain (London) and Alexander Born (Frankfurt) and associates Zsofia Cassidy and Lowrie Robertson (both London), Thorsten Rohde (Frankfurt), Kyle Ezzedine and Ariel Oseasohn (both New York) and John Forbush (Washington, DC).

White & Case Advises on Private Placement for Solar Projects in Chile

Global law firm White & Case LLP has advised Atlas Renewable Energy, as sponsor in connection with its US$253 million issuance of notes in the form of a private placement under Section 4(a)(2) and Regulation D of the Securities Act of 1933. The innovative transaction is the largest solar PV green private placement in Latin America to date. DNB Markets acted as sole lead placement agent.

The proceeds of the notes are expected to be used to (i) develop and construct a 244 Mega Watt Peak (MWp) solar project and (ii) refinance an existing 70 MWp solar project, both of which are located in Chile. Both projects will sell power under bilateral power purchase agreements with private offtakers in Chile, a growing trend across a number of jurisdictions in Latin America. The financing structure includes a number of unique features (including cross-collateralization of assets and revenues) that seek to optimize the value of the collateral and provide flexibility to the sponsor during construction of the larger of the two projects.

The White & Case team that advised on the transaction was led by partner Thomas Pate in New York and associates Gretel Martinez and Chris Bergan in Miami. Partner Bibiana Jaimes and  counsel Martin Olsson also played key roles in the transaction.

Brookfield on US$100 Million Sale of Thai Solar Energy Business

Global law firm White & Case LLP has advised Brookfield Renewable Partners on the sale of its solar energy business in Thailand to Global Power Synergy Public Company (GPSC) for approximately THB3 billion (US$100 million).

GPSC is the power and energy arm of PTT Public Company, a leading state-owned oil and gas company in Thailand. Pursuant to the transaction, which closed in March 2020, GPSC has acquired 100 percent ownership of N.P.S. Star Group Company Limited (NPS), World Exchange Asia Company Limited (WXA), and P.P. Solar Company Limited (PPS), with a total capacity of 39.5 MW. In addition to these three companies, GPSC has also acquired 100 percent ownership of TerraForm Global Operating (Thailand), which provides operation and maintenance services to the nine solar farms.

Brookfield previously acquired these assets as part of its 2017 investment in a global renewable energy asset portfolio belonging to Terraform Global Power.

The White & Case team which advised on the transaction was led by partner Jon Bowden (Singapore), with support from partners Melody Chan (Hong Kong) and Douglas Jensen (New York) and associates Rob Whitworth, Jessica Leung, Trishala Naidu, Lisa Yeo and Kian Newlyn (all Singapore), Lorraine Yip and Connie Ng (Hong Kong) and Ashley Williams (Washington, DC).

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Megren Al-Shaalan Joins White & Case as a Partner

Global law firm White & Case LLP has boosted its Saudi practice capabilities with the addition of Megren Al-Shaalan as a partner.

“White & Case has long had a strong Saudi practice, and Megren’s arrival significantly enhances our capabilities in the Kingdom,” said White & Case partner Doug Peel, Head of the Middle East. “Megren has been deeply involved in the design and delivery of Saudi Arabia’s 2030 Vision initiatives, which are key to the Kingdom’s future development and transformation. His knowledge and experience will be a major asset to the Firm as we continue our work in the Kingdom.”

Al-Shaalan arrives from the Saudi Royal Court, where he was a Senior Legal Advisor. He advised a number of government offices and entities on prominent projects including NEOM, the Red Sea Project and Qiddiya, helping structure their legal frameworks and establish their legal departments. Al-Shaalan also provided legal counsel on the establishment of a number of other government entities and projects. He has significant experience in public policy and a variety of areas of law, including regulatory, governance, corporate transactions, finance and litigation.

Oliver Brettle, a member of White & Case’s global Executive Committee, said: “Investment in our Saudi practice is part of our strategic growth ambitions and the Middle East, including Saudi Arabia, is an important market for the Firm. The arrival of Megren, with his experience and strong reputation in Saudi Arabia, will not only add to our corporate capabilities in the Kingdom, but will support the further growth and development of our other key practices and industry groups there.”

White & Case practices in Saudi Arabia in cooperation with the Law Office of Megren M. Al-Shaalan.

White & Case Advises Banks on US$1 Billion Notes Issuance

Global law firm White & Case LLP has advised First Abu Dhabi Bank P.J.S.C., Goldman Sachs International, HSBC Bank plc, Samba Capital & Investment Management Company and Standard Chartered Bank, as managers, on Samba Funding Limited’s issuance of US$1 billion Notes due 2024 under its newly established US$5 billion Euro Medium Term Note Programme.

“This issuance represents Samba Bank’s successful entrance into global debt capital markets and we were well-placed to advise the investment banks based both regionally and internationally on the establishment and issue under the new programme,” said White & Case partner Debashis Dey, who led the Firm’s deal team.

Samba Funding Limited is a wholly-owned subsidiary of, and the Notes are guaranteed by, Saudi Arabia-based international financial services provider Samba Financial Group.

The White & Case team which advised on the offering was led by partner Debashis Dey (Dubai & London) with support from counsel Xuan Jin (Dubai) and associates Michael Byrd (London) and Sarah Altukhaifi (Riyadh).