KWM has advised Nabors Energy Transition Corp. (NETC), a US-listed special purpose acquisition company (SPAC), on its entry into a business combination with Vast Solar Pty Ltd, a world-leader in concentrated solar thermal power, delivering clean, dispatchable power and heat and green fuels.
The combined entity will be named Vast Limited (Vast) and, as part of the transaction, Vast is expected to be listed on the New York Stock Exchange while remaining headquartered and incorporated in Australia.
The deal, valued up to approximately $US586 million, is an exciting indication of the nascent energy transition M&A market.
NETC was formed to identify solutions, opportunities, companies or technologies that facilitate, improve or complement the ongoing global energy sector’s shift from fossil-based systems to renewable energy sources. NETC is an affiliate of Nabors Industries Ltd. (Nabors), a market-leading provider of advanced technology for the energy industry.
Nabors, which owns one of the world’s largest fleets of land drilling rigs and equipment, continues to set new standards for operational excellence and transformation in the energy industry. Nabors aims to innovate the future of energy and enable the transition to a lower carbon world, by leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing.
Corporate M&A partners David Friedlander and Nicola Charlston led the matter for KWM, together with senior associate Richard Hanson and solicitors Clare Magee and Stephen Catros.
The Corporate M&A team was supported by Banking & Finance partner Berkeley Cox and solicitor Trishala Shah, Tax partner Greg Protektor, Employment partner Angela Weber and solicitor Jedda Bamford, as well as members from the Real Estate, Environment, Planning and Intellectual Property teams.
KWM worked closely with US counsel, Vinson & Elkins LLP and Milbank LLP, on the complex multi-jurisdictional deal.
Reflecting on the deal, Nicola said “We’re delighted to have advised NETC on this market-leading transaction. This deal is indicative of the continued interest we are seeing in major energy & resources companies developing their capabilities in the renewable energy space and it will be great to have another Australian company listed on NYSE.”
