Nick A. Cline

Latham & Watkins represented HBO as a selling shareholder in Sony Pictures Television’s acquisition of a majority stake in Cardiff-based production company Bad Wolf Ltd, the award-winning production company behind His Dark Materials (HBO/BBC), A Discovery Of Witches (Sky), Industry (HBO/BBC), The Night Of (HBO), and I Hate Suzie (Sky). The deal also includes the Wolf Studios Wales sound stage facility in Cardiff and Bad Wolf’s 30% stake in Bad Wolf America LLC. Latham’s team was led by London corporate partner Nick Cline.~~

Dec 1

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

Elementis plc, a global specialty chemicals company, has announced that it has agreed to sell its Chromium business to Yildirim Group for an enterprise value of US$170 million. The transaction is subject to US regulatory approval, which is expected before the end of Q1 2023. Latham & Watkins LLP represents Yildirim Group in the transaction with a cross-border deal team led by Houston corporate partner Kevin Richardson, with Houston associates Thomas Hillebrand, Brent Wagner, Vera Bespalova, and Tasbiha Batool, and London corporate partner Nick Cline, with London associate Tom Channing. Advice was also provided on US environmental matters by Houston partner Joel Mack, Washington, D.C. partner Julia Hatcher, and Los Angeles counsel Joshua Marnitz, with associates Jacqueline Zhang and Andrew Landolfi; on finance matters by Houston counsel Bryce Kaufman; on US tax matters by Houston partner Jared Grimley, with associate Dominick Constantino; on UK tax matters by London partner Sean Finn, with associate Aoife McCabe; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with associate Joe Denker; on US real estate matters by Chicago counsel Jeffrey Anderson; on sanctions matters by Washington, D.C. partners Les Carnegie and Damara Chambers; and on antitrust matters by Washington, D.C. partner Jason Cruise, Frankfurt/Dusseldorf partner Max Hauser, and Washington, D.C. counsel Peter Todaro.~~

Dec 6

1 min

Voyager Digital Ltd. (OTC Pink VYGVQ; FRA: UCD2) has announced that its operating company Voyager Digital LLC selected US exchange BAM Trading Services Inc. (Binance.US) as the highest and best bid for its assets after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe. Binance.US is headquartered in Palo Alto, CA, and is incorporated in Delaware. It is an independent legal entity and has a licensing agreement with Binance.com. Latham & Watkins LLP is representing Binance.US in the transaction with an M&A team led by New York partners Robert Katz and Daniel Mun and New York counsel Robert McGuire, with associates Ransel Potter, Nancy Zhu, and Yulong Li. Advice was also provided on UK corporate matters by London partners Nick Cline and Stuart Davis, with associate Lauren Chapple; on restructuring matters by New York partner Adam Goldberg and Washington, D.C. partner Andrew Sorkin; with associates Nacif Taousse and Jonathan Weichselbaum; on fintech and financial regulations matters by New York partners Stephen Wink, Yvette Valdez, and Jenny Cieplak, London partner Andrew Moyle, and Washington, D.C. partners Barrie VanBrackle and Parag Patel, with associates Victor Razon, Luca Marquard, and Adam Fovent; on tax matters by New York partner Eric Kamerman, with associate Lukas Kutilek; on benefits & compensation matters by Boston partner Josh Friedman; on labor matters by Chicago partner Nineveh Alkhas, with associate Laura Waller; on intellectual property matters by Los Angeles partner Ghaith Mahmood, with associate Nathan Wages; on data privacy & security matters by Houston partner Robert Brown; on real estate matters by associate Karen Ritter; on environmental, land, and resources maters by Orange County partner Christopher Norton; on anti-bribery and trade controls matters by Washington, D.C. partner Daniel Dominguez and Washington, D.C. counsel Andrew Galdes, with associate Julie Shin; on antitrust matters by New York partner Katherine Rocco, with associate Doug Tifft; and on CFIUS matters by Washington, D.C. partner Les Carnegie, with associate Zachary Eddington.~~

Dec 19

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