James Inness

Latham & Watkins advised the placement agents on ACG Acquisition Company Limited’s de-SPAC acquisition of two cash-generative mining operations in Brazil, producing nickel sulphide and copper concentrates with low carbon emissions. Critical minerals mined at the Brazilian sites will be refined in Europe and North America and then supplied to car manufacturers, fortifying the electric vehicle supply chain in western countries. The Atlantic Nickel nickel sulphide mine in Santa Rita and the Mineraçao Vale Verde copper mine in Serrote will be acquired on a cash- and debt-free basis from funds advised by Appian for an enterprise value of US$1.0 billion. The transaction is supported by US$100 million commitments to subscribe for ACG equity from each of Glencore, Stellantis, and La Mancha, and a US$100 million prepayment from a subsidiary of Volkswagen. The Latham team was led by London corporate partner James Inness, with associates Phoebe Richardson and Koushik Prasad. Advice on US capital markets matters was provided by London partner David Stewart, with associates Yolanda Min and Heri Mwapachu.~~

Jun 12

1 min

Latham & Watkins has advised WE Soda, the world’s largest producer of natural soda ash, on its potential initial public offering (IPO) on the London Stock Exchange (LSE). The transaction is the largest IPO on the LSE so far in 2023. Soda ash is a critical ingredient in glass manufacturing and is also used in many other applications and products which play an important role in facilitating the energy transition and sustainability trends, including solar photovoltaic glass and the production of lithium carbonate used in lithium ion electric vehicle batteries. The Latham team was led by London corporate partners Francesco Lione and James Inness. Additional advice on UK capital markets matters was provided by London associate Frederick Gardner; and on US capital markets matters by London associates Rosie Wu, Sean Stanton, Tamara Fayad, and Evan Aluyen.~~

May 31

1 min

Latham & Watkins has advised Savvy Gaming Group, a prominent games and esports company, on its minority stake investment in Embracer Group AB. Embracer Group will issue approximately 99.9 million B shares at a subscription price of SEK103.47 per share. Upon settlement, Savvy Gaming will hold approximately 8.1% of Embracer Group’s share capital and 5.4% of the votes in the company. The aggregate investment by Savvy Gaming amounts to approximately US$1.06 billion. Earlier this year, Latham advised FACEIT on its acquisition by Savvy Gaming and business combination with ESL Gaming. The Latham team was led by London corporate partners Mike Turner and James Inness, with associates Adam Czernikiewicz and Emil George.~~

Jun 8

1 min

Latham & Watkins has advised Varkey Group on the investment by a consortium led by Brookfield Asset Management Ltd to invest in GEMS Education (GEMS), partnering with the Varkey Group. The Middle East’s largest leveraged buy-out, which completed today, included a multi-tranche sustainable linked facility led by a consortium of international and regional investors alongside a UAE banking consortium led by Dubai Islamic Bank PJSC.  As part of the transactions, funds managed by CVC Capital Partners will sell partially and retain a stake in GEMS. With roots dating back to 1959 and founded by the Varkey family, GEMS Group, headquartered in Dubai, is a leading K-12 private education service institution in the UAE. It offers a diverse range of syllabi to more than 135,000 students in 61 schools operating across UAE, Qatar, and Europe. The GEMS group includes companies that provide auxiliary services for school transport, facility management, catering services, and school uniforms. The Latham team was led by London corporate partners Nick Cline, Richard Butterwick, and James Inness, with associate Harry Redford. Additional advice on corporate matters was provided by London associates Harriet Stephenson, Faris Shoubber, Irene Brandão, Isabelle Knapton, and Madina Salavdiyeva; on employment matters by London counsel Shaun Thompson; and on antitrust and regulatory matters by London partner Jonathan Parker and associate Nadeem Brora.~~

Jul 17

1 min

Latham & Watkins has advised Darktrace plc (LSE: DARK), a global leader in cybersecurity artificial intelligence, on its recommended takeover offer by Thoma Bravo. The acquisition values Darktrace's entire issued, and to be issued, ordinary share capital at approximately US$5.3 billion. It is intended that the acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under English law. The Latham team was led by London M&A partner Richard Butterwick and associates Chris Ramsey, Will Temple-Smith, Beatrice Leung, and Aslihan Alparslan. Advice was provided on capital markets matters by London partners James Inness and Anna Ngo; on employment and benefits matters by London partner Kendall Burnett and Bay Area partner Ashley Wagner; and on regulatory matters by London partner Jonathan Parker and associate James Mathieson.~~

Apr 26

1 min