King & Spalding advised Oregon Clean Energy, LLC in the development of a contract for the engineering, procurement and construction of a greenfield 860 megawatt combined-cycle natural gas-fired generation facility in the Toledo, Ohio, suburb of Oregon. The financing for the transaction and the full notice to proceed under the contract occurred on November 14. The dollar amount of the transaction was not disclosed. More >>
Tags: King & Spalding LLP | Houston
Covington is advising Indivior, formerly RB Pharmaceuticals, in the demerger transaction announced today from Reckitt Benckiser, a global consumer products company. The demerger is subject to the approval of RB shareholders. More >>
Tags: Covington & Burling LLP | LondonBaker Botts lawyers represent Halliburton in one of the largest energy deals of 2014.
Under the deal, Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6 billion and enterprise value of $38.0 billion, based on Halliburton’s closing price on November 12, 2014, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction. Upon the completion of the transaction, Baker Hughes stockholders will own approximately 36 percent of the combined company. More >>
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Akin Gump advised Virgin America Inc. shareholder Cyrus Capital Partners in the initial public offering of the airline’s stock, which began trading today on the New York Stock Exchange. Cyrus controls VAI Partners, one of Virgin America’s biggest shareholders. At an offering price of $23 per share, the IPO raised approximately $306 million, meeting expectations. More >>
Tags: Akin Gump Strauss Hauer & Feld LLP | New York
Milbank, Tweed, Hadley & McCloy LLP recently advised JSW Steel Limited, one of India’s leading steel producers, on its debut international bond offering of 4.75% Notes due 2019. Citigroup, Australia and New Zealand Banking Group Limited, Credit Suisse, Deutsche Bank and Standard Chartered Bank served as Joint Lead Managers and Joint Bookrunners for the issue. More >>
Tags: Milbank LLP | Hong KongJones Day is advising The Procter & Gamble Company (“P&G”) in the sale of its Duracell personal power business to Berkshire Hathaway Inc. for $2.9 billion. Following the sale of P&G’s interest in its Nanfu joint venture, which operated P&G’s battery business in China, P&G entered into a Transaction Agreement on November 13, 2014 with Berkshire Hathaway Inc. and certain of its affiliates under which P&G will transfer its Duracell business to Berkshire Hathaway in a private split-off transaction. In this unusual tax-free structure (sometimes referred to as a “cash rich private split”), P&G will convey its Duracell business (which will be infused with $1.8 billion in additional cash) to a newly formed subsidiary (SplitCo) and will exchange its shares in SplitCo for approximately $4.7 billion of outstanding P&G shares currently held by the Berkshire Hathaway group. The transaction is expected to close in the second half of calendar year 2015. More >>
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One of Finland’s leading law firms, Juridia Bützow, is to join Eversheds, further broadening the international reach of both firms.
Juridia Bützow is one of Finland’s leading full service law firms with a nationwide coverage across five offices, Helsinki, Hämeenlinna, Jyväskylä, Tampere and Turku. Juridia Bützow group company Heinonen & Co. specialises in global intellectual property rights. In total Juridia Bützow employs more than 165 professionals. More >>
Tags: Eversheds Sutherland | Helsinki
Davis Polk advised Hitachi, Ltd. as the selling stockholder in connection with an SEC-registered secondary offering of 6,250,000 shares of Western Digital Corporation common stock. Goldman, Sachs & Co. and BofA Merrill Lynch acted as lead book-running managers and J.P. Morgan Securities LLC and RBC Capital Markets, LLC acted as joint book-running managers for the offering. The total net proceeds to Hitachi from the offering were approximately $581 million. More >>
Tags: Davis Polk & Wardwell LLP | Tokyo
Allen & Overy has advised on the financing for the USD2.8 billion Donggi-Senoro Liquefied Natural Gas (DSLNG) project which was signed today.
Donggi-Senoro LNG is the fourth liquefied natural gas (LNG) project in Indonesia and is scheduled to start production in mid-2015. The liquefaction plant will have the capacity to produce 2 million tons of LNG per year. The Republic of Indonesia has the largest economy in Southeast Asia and is the world’s fourth-largest exporter of LNG. DSLNG is the first LNG project in Indonesia to adopt a downstream development model, enabling separate development of upstream (natural gas and condensates production) and downstream (LNG and condensates) businesses. The Donggi-Senoro LNG project is only the world’s second non-integrated merchant LNG plant. Allen & Overy advised the project company, PT Donggi Senoro LNG, a subsidiary of the sponsors, Mitsubishi Corporation, PT Pertamina (Persero), Korea Gas Corporation (KOGAS) and PT Medco Energi Internasional TBK. More >>
Tags: Allen & Overy LLP | Sydney | TokyoMunger, Tolles & Olson LLP represented Air Lease Corp. (ALC) in a joint venture with Napier Park Global Capital (US) LP announced Nov. 6, 2014.
The joint venture, which will be named Blackbird Capital I LLC and managed by ALC, plans to buy up to $2 billion worth of commercial airplanes by the end of 2016 to be leased to other airlines globally. More >>
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