Cartel Digest


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MIND ID’s Acquisition of Minority Stake in PT Vale Indonesia

Shearman & Sterling advised Indonesia’s state-owned mining company PT Indonesia Asahan Aluminium (Persero), formally known as Inalum and recently rebranded as MIND ID, on the signing of a share purchase agreement to acquire a 20 percent stake in PT Vale Indonesia from Vale Canada and Sumitomo Metal Mining. This is a high-profile transaction in Indonesia and follows up from Inalum’s acquisition of the Freeport mine in 2018. 

Abertis’ and GIC’s Acquisition of Majority Stake in Red de Carreteras de Occidente

Shearman & Sterling advised Abertis Infraestructuras and Singapore-based institutional investor GIC in their acquisition of a 70 percent stake in Red de Carreteras de Occidente (RCO) from affiliates of Goldman Sachs Infrastructure Partners and an additional 2.3 percent stake held by local investors and pension fund managers (AFORES), minority shareholders in the company.

Genmab’s Broad Collaboration Agreement With AbbVie

Shearman & Sterling LLP advised Genmab A/S in connection with a broad collaboration agreement with AbbVie Inc. to jointly develop and commercialize three of Genmab's early-stage investigational bispecific antibody product candidates and enter into a discovery research collaboration for future differentiated antibody therapeutics for cancer. Based on potential value, this agreement represents one of the largest oncology partnerships on record.

Bunge Limited’s Sale of Assets to Zen-Noh Grain

Shearman & Sterling represented Bunge Limited (NYSE:BG) in its agreement to sell 35 U.S. interior elevators to Zen-Noh Grain Corporation. The completion of the sale is subject to customary closing conditions, including regulatory approval.

Shearman & Sterling Wins Five China Business Law Awards 2020

Shearman & Sterling won five awards from China Business Law Journal’s China Business Law Awards 2020, in the categories of Anti-bribery & Anti-corruption, Asset Management, Capital Markets (Overseas), Energy & Natural Resources and Technology & Telecom.

Raytheon-UTC Merger Closes

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.

Video: UK Subsidy Control After Brexit

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.

Sale of SG Finans to Nordea

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.

ViacomCBS’s Strategic Investment in Miramax

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.

DBAY Advisors Limited Rescue Financing for Eddie Stobart

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.

ArcelorMittal’s Acquisition of Essar Steel

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. 

AAM’s Acquisition of the German Business MITEC

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.

EnCap Flatrock Midstream’s $400 Million Equity Commitment and Acquisition

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.

CPPIB’s $6.1 Billion Acquisition of Pattern Energy

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.

Three Partners Named to BTI’s Attorney All-Stars 2019 List

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.