King & Wood Mallesons (KWM) is delighted to have advised Nabors Energy Transition Corp. (NETC) on the completion of its business combination with Vast Renewables Limited (Vast) (previously known as Vast Solar Pty Ltd).
The transaction, which officially closed on Tuesday 19 December 2023 (Melbourne time), signals a milestone for the new public company and its promise to provide zero carbon, low-cost, dispatchable energy to the world. Vast’s ordinary shares are now trading on NASDAQ under the ticker symbol “VSTE” and its public warrants to purchase ordinary shares are trading on Nasdaq under the ticker symbol “VSTEW”.
The KWM team acted as legal advisor on various aspects of the transaction, including navigating complex FIRB considerations, funding and transaction documents, PIPE investor arrangements, Public M&A and Australian takeover laws considerations and attending to completion mechanics.
As the transaction involved an Australian company listing on NASDAQ, KWM also assisted in addressing a number of US legal issues that arose, as well as the need to complement and meet the necessary Australian Corporation Act requirements, especially around those in Chapter 6 (Australian takeover laws).
Corporate M&A partners David Friedlander and Nicola Charlston led the matter for KWM, together with senior associate Richard Hanson, solicitors Clare Magee, Stephen Catros, Chris Dudurovic and Ha Dinh. The Corporate M&A team was supported by Banking & Finance partners Berkeley Cox, Jo Dodd, Dale Rayner and senior associate Selena Liu, Tax partner Greg Protektor, Employment partner Angela Weber and senior associate Jedda Bamford and Environment, Planning and Native Title partner Mark Beaufoy, special counsel Tom Crompton and solicitor James Evans.
Commenting on the deal, Partner Nicola Charlston said:
“Congratulations to NETC on this significant transaction for the energy & resources sector. We trust that this deal will advance the new public company’s capability in delivering energy projects globally and here in Australia”.
