Linklaters advises ReNew Energy Global Plc (“ReNew”) and its special committee of independent directors on ReNew’s recently announced recommended offer by a consortium of Canada Pension Plan Investment Board and Sumant Sinha, the Founder, Chairman and CEO of ReNew. The offer values ReNew at approximately US$2.8 bn on a fully diluted basis and implies an enterprise value of approximately US$10.2 bn.
A cross-practice Linklaters team is advising ReNew on this complex landmark transaction, a PE-led take-private of a UK-incorporated, Nasdaq-listed renewables company with its entire business in India. The transaction has been structured and is being executed in compliance with the SEC and Nasdaq rules applicable to “going private transactions”, English corporate law applicable to schemes of arrangement, and regulations in India relating to Indian tax issues and the future restructuring of the company.
Linklaters London Corporate Partner Sushil Jacob commented:
“This transaction required the Special Committee of the Board to execute on a complicated transaction while protecting the interests of the Company’s minority shareholders in accordance with English law and applicable SEC and Nasdaq rules and regulations. The mandate showcases our ability to advise and execute across US and English law out of our London office, while coordinating with Indian counsel in real time.”
The team was led by Partners Sushil Jacob, Mike Bienenfeld and Igor Rogovoy, supported by Partner Fionna Ng, Managing Associates Clement Chan, Vivasvan Bansal, Associates Archie Prew, Mona Zhang and Alex Whitman (all Corporate), Partner Sam Lintonbon and Associate Bonnie Yeung in Tax, Partner Cara Hegarty and Managing Associate Ben McCarthyin Incentives as well as Partner Mark Daniel and Associate Kathy Choiin Antitrust and Foreign Investment.
This is another landmark mandate in a series of public take-overs in the UK Linklaters has most recently advised on, including Tate & Lyle on its £2.7bn recommended cash offer by Ingredion Incorporated, Prologis, Inc. on its recommended offer for SEGRO plc, and Tinicum and Blackstone on their recommended £1.275bn offer for Senior plc.
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