McDermott Advises Mitsubishi Heavy Industries on Its Minority Investment in New NP
PARIS (July 24, 2017) – International law firm McDermott Will & Emery represented Mitsubishi Heavy Industries (MHI), a Japanese industrial conglomerate, in relation to the acquisition by MHI of an equity stake in New NP, an entity that will carry out the nuclear equipment and services business currently operated by Areva NP.
MHI was invited to acquire a minority interest in New NP following the execution in November 2016 of a contract by EDF and Areva, under which EDF agreed to acquire a stake of at least 51% in New NP.
MHI, Areva and EDF reached an agreement in July 2017 for MHI’s investment in New NP. Subject to approval by its board, MHI will take a stake of 15% – and potentially up to 19.5% – in New NP. The sale price for 100% of New NP’s equity has been confirmed at €2.5 billion ($2.8 billion) before adjustments.
This transaction is the second step of MHI’s involvement in the reorganization of the Areva group. In January 2017, MHI agreed to acquire a 5% stake in NewCo, which will combine Areva’s nuclear fuel cycle activities, for a total amount of €250 million.
The McDermott team which advised MHI on all aspects of the transaction (due diligence, corporate, competition, regulatory, IP, CFIUS approval) was led by Transactions partners Jacques Buhart, Nicolas Lafont and Jonathan Wohl and included partners Wilko van Weert, counsel Laura Morelli, along with associates Ali Afshar Saber, David Henry, Camille Spegt and Charles de Raignac.
McDermott’s Corporate & Transactional Practice represents business interests around the world, from global corporations and industry-leading companies to privately funded and entrepreneurial driven enterprises, private equity sponsors and the financial institutions that support them. McDermott consistently ranks in the leading league tables, including Mergermarket, Thomson Reuters, Bloomberg and PitchBook. The Corporate & Transactional Practice Group was named “Team of the Year” for Middle Market M&A/Buyouts by The Legal 500 and is highly ranked by Chambers in the United States, and in Europe.
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,100 lawyers, we have offices in Boston, Brussels, Chicago, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Seoul, Silicon Valley and Washington, DC. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.