Medha Vinayak Marathe

Latham & Watkins has advised TotalEnergies on its agreement with Adani Enterprises Limited (AEL) to acquire a 25% interest in Adani New Industries Limited (ANIL). ANIL will be the exclusive platform of AEL and TotalEnergies for the production and commercialization of green hydrogen in India. ANIL will target a production of one million metric tons of green hydrogen per year (Mtpa) by 2030, underpinned by around 30 gigawatts (GW) of new renewable power generation capacity, as its first milestone. The investment in ANIL marks another major step in the strategic alliance between TotalEnergies and Adani Group – India’s leading energy and infrastructure platform – whose operations across India include LNG terminals, gas utility business, renewable power generation, and now green hydrogen production. The partners' complementary strengths will help ANIL deliver the largest green hydrogen ecosystem in the world, which will enable the lowest green hydrogen cost to the consumer. As announced by AEL, ANIL’s ambition is to invest over US$50 billion over the next 10 years in green hydrogen and associated ecosystem. The Latham team was led by London corporate partner Ed Barnett, with associate Medha Marathe. Advice was also provided on finance matters by London partner John Balsdon, with associate Lisa Quelch.~~

Jun 15

1 min

Latham & Watkins advised Total on its agreement to acquire a 20% minority interest in Adani Green Energy Limited (AGEL). The transaction marks the deepening partnership between the Adani Group – India’s leading infrastructure platform and Total – a global energy major, in the transition and green energy fields in India. This is in-line with the commitment of both Adani & Total to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy. The Latham team was led by London corporate partner Ed Barnett, with associates Medha Marathe and Drishi Beeharry. AZB & Partners and 5 St. James Court (Mauritius) advised on Indian law and Mauritius law in connection with this transaction.~~

Jan 18

1 min

Latham & Watkins has advised Norsk Hydro ASA (“Hydro”) on its agreement with Glencore, who will acquire 30 percent of Brazilian alumina refinery Hydro Alunorte, the world's largest alumina refinery, and Hydro’s 5 percent ownership in the Brazilian bauxite producer Mineracão Rio do Norte (MRN). Glencore will acquire an additional 40 percent stake in MRN which is currently owned by Vale. This 40 percent interest will be acquired by Hydro from Vale and sold to Glencore on a back-to-back basis. Following the transactions, Hydro will no longer have an ownership position in MRN and Glencore will continue to supply approximately 30 percent of Alunorte’s long-term bauxite requirements from MRN. The agreement will enable development of Hydro Alunorte by allocating capital to sustain and improve operations, continuing efforts to strengthen the refinery’s first quartile cost and carbon position as well as increasing community engagement. The transactions will have a total net enterprise value of US$1.11 billion, which will be adjusted for Hydro Alunorte’s net debt as of June 30, 2023. Net debt for 30 percent of Hydro Alunorte as of March 31, 2023, was US$335 million. The enterprise value and net debt exclude asset retirement obligations of US$40 million on a 30 percent basis. Subject to Hydro Alunorte’s performance, Hydro may make certain repayments to Glencore which are capped at US$55 million. Latham previously advised Hydro on the acquisition of Alunorte in 2010. The Latham team was led by London corporate partners Robbie McLaren and Nick Cline, with associates Medha Marathe, Pierre-Axel Aberg, and Michael Houlder. Advice was also provided on project finance matters by London/Dubai partner Craig Nethercott, with associates Vanessa McLellan and Daniel Chen; on tax matters by London partner Helen Lethaby and counsel James Leslie; and on Brazilian law matters by local counsel Veirano Advogados.~~

Apr 27

1 min

Latham & Watkins is advising Agility Public Warehousing Company KSCP (Agility), a Kuwaiti public company on the sale of its Global Integrated Logistics business (GIL) to Danish listed company DSV Panalpina A/S (DSV). The combination is expected to create a top-three global freight forwarder based on revenues. The acquisition will be an all-share transaction and closing is expected in the third quarter of 2021. The transaction has an implied equity value of US$4.1 billion and will result in Agility becoming the second largest shareholder in DSV, with an approximate 8% stake in the combined company. The combination of DSV and GIL will fortify DSV’s position as a leading global transport and logistics company with a combined pro forma revenue of approximately US$22 billion and a combined workforce of more than 70,000 employees. Latham is working alongside Meysan Partners, a Middle Eastern law firm, which is also advising Agility on the deal, with a team led by M&A partner Bader El-Jeaan. The Latham team is being led by London corporate partners Mike Bond and Richard Butterwick, with associates Medha Marathe, Ben Coleman and Antonina Semyachkova. Advice on tax matters is being provided by London partner Sean Finn and associate Aaron Bradley; and on antitrust matters by Brussels partner Luca Crocco and associate Marine Dewaele. Gorrissen Federspiel is advising Agility on the Danish law aspects of this transaction, led by M&A partner Anders Ørjan Jensen and associate, Andreas Høymann Hertel.~~

Apr 28

1 min

Latham & Watkins advised Renewable Investments Holding SA (which is controlled by a leading European insurance group) on the sale of AZUR SPACE Solar Power GmbH (AZUR) to 5N Plus Inc. (5N Plus). 5N Plus will acquire all of the issued and outstanding shares of AZUR for an expected total purchase price between €73‐79 million subject to prevailing closing adjustments. AZUR is a global leader in developing and manufacturing multi‐junction solar cells for space and terrestrial concentrated photovoltaic applications. The Latham team was led by London corporate partner Nick Benson, with associates Medha Marathe, Janine Leeder and Róisín Mbonu. Advice on German law aspects was provided by Hamburg associate Daniel Kreutzmann and counsel Jana Dammann.~~

Mar 31

1 min