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US-listed company completes cross-border merger with Australian renewable energy company
American special purpose acquisition company (SPAC) Nabors Energy Transition Corp has been advised on its US$586 million cross-border merger with leading Australian renewable energy company Vast Solar.
Jerome Doraisamy
Firm: King & Wood Mallesons (Nabors Energy Transition Corp (NETC))
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Deal: KWM has advised NETC on its entry into a business combination with Vast Solar, which produces concentrated solar thermal power, delivering clean, dispatchable power and heat and green fuels.
“The combined entity will be named Vast Limited and, as part of the transaction, Vast is expected to be listed on the New York Stock Exchange while remaining headquartered and incorporated in Australia,” KWM noted in a statement.
Area: Corporate, financial services
Value: US$586 million
Key players: The KWM team was led by partners David Friedlander and Nicola Charlston, who were supported by senior associate Richard Hanson and solicitors Clare Magee and Stephen Catros, partner Berkeley Cox and solicitor Trishala Shah, partner Greg Protektor, partner Angela Weber and solicitor Jedda Bamford.
Deal significance: Ms Charlston said: “We’re delighted to have advised NETC on this market-leading transaction.
“This deal is indicative of the continued interest we are seeing in major energy and resources companies developing their capabilities in the renewable energy space, and it will be great to have another Australian company listed on NYSE.”
