Shearman & Sterling advised SPX Technologies (SPX) in its divestiture of three subsidiaries that hold asbestos liabilities and certain assets, including related insurance assets, to an entity formed by a joint venture of Global Risk Capital and Premia Holdings.
SPX is a diversified, global supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets.
Global Risk Capital is the leading acquirer and manager of legacy corporate assets and liabilities with operations in the U.S., U.K and Europe. Premia Holdings is an insurance and reinsurance group with operations in Bermuda, the U.S., the U.K. and Continental Europe.
The Shearman & Sterling team below was supported by Pari Sitaula (NY-CGE), Jake Shaughnessy, Justin Yang (both NY-MA) and Eugene Kim (DC-TX).