28 March, 2017
Shearman & Sterling advised Japan Nuclear Fuel Limited (JNFL) in connection with its undertaking to subscribe to a share capital increase of €250 million in New AREVA Holding, a subsidiary of Areva SA consolidating all assets relating to Areva’s nuclear fuel cycle activities. This investment would give JNFL an equity stake of 5% in New AREVA Holding. Japanese group Mitsubishi Heavy Industries (MHI) should also invest €250 million alongside with JNFL. This transaction is part of New AREVA Holding’s restructuring plan, which also includes a reserved share capital increase of €2.5 billion, to be subscribed by the French State.
JNFL’s investment is subject to the completion of a number of conditions, including customary regulatory conditions.
This transaction required the seamless coordination of Shearman’s teams in Paris, Tokyo, London, Brussels and Washington DC utilizing the firm’s unique expertise in cross-border Mergers & Acquisitions, Global Nuclear Industry transactions as well as EU and US regulatory matters.
The multi-disciplinary team of Shearman & Sterling included partners Nicolas Bombrun (Paris-Mergers & Acquisitions), George Borovas (Tokyo-Project Development & Finance); James Webber (London-Antitrust) and Kenneth Lebrun (Tokyo-Mergers & Acquisitions); counsel Marie Pouget (Paris-Mergers & Acquisitions), Anne-Sophie Maes (Paris-Tax) and Robert LaRussa (Washington, DC-Regulatory); and associates Gaspard Bastien-Thiry (Paris-Mergers & Acquisitions) and Paul Jun (Tokyo-Mergers & Acquisitions).
The French State was advised by French law firms Darrois Villey Maillot Brochier and Bredin Prat. Areva was advised by Allen & Overy. MHI was represented by McDermott.
