The merger-of-equals transaction between Raytheon Company and United Technologies Corporation has closed, creating Raytheon Technologies Corporation, the world’s most advanced aerospace and defense systems provider.
Further to the recent Shearman & Sterling event about the future of subsidy control State aid in the U.K., held on Wednesday 4 March 2020.
Shearman & Sterling is advising Raytheon on the sale of its Military Airborne Radios business to BAE Systems.
Shearman & Sterling advised Société Générale in connection with the signing of an agreement to sell SG Finans AS, its equipment finance and factoring activities in Norway, Sweden and Denmark, to Nordea Finance, the asset based finance and factoring arm of Nordea Bank.
Shearman & Sterling advised on the antitrust aspects of ViacomCBS’s agreement to acquire a 49 percent stake in global film and television studio Miramax, a unit of beIN Media Group. The transaction gives ViacomCBS access to Miramax’s film library while offering Miramax access to ViacomCBS’s global distribution network.
Shearman & Sterling recently advised certain entities controlled by DBAY Advisors Limited (DBAY) in connection with its investment in the trading entities, including Eddie Stobart Limited, that were formerly 100 percent owned by Eddie Stobart Logistics plc (the Group). As part of this transaction, DBAY acquired a 51 percent indirect stake in Greenwhitestar Acquisitions Limited, a holding company of such trading entities.
Shearman & Sterling advised ArcelorMittal on its acquisition of Essar Steel India Limited (ESIL) in a joint venture with Nippon Steel Corporation. The deal was completed on December 16, 2019. ArcelorMittal holds 60 percent of the joint venture, with Nippon Steel Corporation holding the remaining 40 percent.
Shearman & Sterling advised American Axle & Manufacturing (AAM) on the acquisition of the German business of MITEC Automotive AG (MITEC). The transaction is subject to the approval of the authorities and closing is expected at the beginning of December 2019.
Shearman & Sterling represented EnCap Flatrock Midstream Fund IV, L.P. (EFM) in connection with a $400 million equity commitment to Ironwood Midstream Energy Partners II, LLC (Ironwood II). We also represented EFM in connection with Ironwood II’s execution of a purchase and sale agreement with Twin Eagle Pipeline Company, LLC for the acquisition of 100 percent of the membership interests of Twin Eagle Gardendale Pipeline, LLC, an entity that owns a crude oil gathering, transportation and storage system in Dimmit, Frio, La Salle and Zavala Counties, Texas.
Shearman & Sterling is advising Canada Pension Plan Investment Board (CPPIB) in connection with the acquisition of Pattern Energy Group Inc. (NASDAQ and TSX: PEGI) in an all-cash transaction for $26.75 per share, implying an enterprise value of approximately $6.1 billion, including net debt. Concurrently with the entry into the agreement to acquire Pattern Energy, CPPIB signed an agreement with private equity firm Riverstone Holdings LLC to combine Pattern Energy with Pattern Energy Group Holdings 2 LP (an affiliate of Pattern Energy controlled by Riverstone), in order to create an integrated renewable energy company.
Shearman & Sterling partners Stephen Giove (New York-Capital Markets), David Higbee (Washington, D.C.-Antitrust) and Kenneth Laverriere (New York-Compensation, Governance & ERISA) have been recognized in the latest edition of BTI Consulting Group’s Attorney All-Stars 2019 list for their excellence in client service.
Shearman & Sterling advised Vice Media on the acquisition of Refinery 29 Inc., a female-focused lifestyle and entertainment digital media company. The acquisition expands Vice’s leading digital media business with a broader female audience base and additional revenue streams, which complement its diverse content verticals, including news productions, web series programming, podcast series and film business.
Shearman & Sterling advised Lower Cadence Holdings, an affiliate of Oryx Midstream, in connection with the formation of OMOG JV, LLC, a joint venture with Rattler Midstream Operating LLC, and advised OMOG JV, LLC in connection with the acquisition of 100 percent of the membership interests in Reliance Gathering LLC.
Shearman & Sterling advised Sears Hometown and Outlet Stores (SHO) and its Board of Directors’ Independent Committee in an agreement to sell SHO’s Sears Outlet and Buddy's Home Furnishing Stores businesses (together, the Outlet Segment) to Liberty Tax in a deal valued at up to $132.9 million.
Shearman & Sterling advised Andlinger & Company GmbH on the acquisition of HEW-Kabel GmbH, SiC Compund GmbH and VEGA Immobilien GmbH (HEW-KABEL Group) from the Flohr Family. The transaction closed on August 6, 2019.