Shearman & Sterling advised Japan Nuclear Fuel Limited (JNFL) in connection with its undertaking to subscribe to a share capital increase of €250 million in New AREVA Holding, a subsidiary of Areva SA, consolidating all assets relating to Areva’s nuclear fuel cycle activities. This investment would give JNFL an equity stake of 5% in New AREVA Holding. Japanese group Mitsubishi Heavy Industries (MHI) will also invest €250 million alongside JNFL. This transaction is part of New AREVA Holding’s restructuring plan, which also includes a reserved share capital increase of €2.5 billion, to be subscribed by the French state.
JNFL’s investment is subject to the completion of a number of conditions, including customary regulatory conditions.
This transaction required the seamless coordination of Shearman & Sterling’s teams in Paris, Tokyo, London, Brussels and Washington DC, utilizing the firm’s unique experience in cross-border mergers & acquisitions, global nuclear industry transactions, as well as EU and US regulatory matters.
Shearman & Sterling’s multidisciplinary team included partners Nicolas Bombrun (Paris-Mergers & Acquisitions), George Borovas (Tokyo-Project Development & Finance), James Webber (London-Antitrust) and Kenneth Lebrun (Tokyo-Mergers & Acquisitions); counsel Marie Pouget (Paris-Mergers & Acquisitions), Anne-Sophie Maes (Paris-Tax) and Robert LaRussa (Washington, DC-Litigation); and associates Gaspard Bastien-Thiry (Paris-Mergers & Acquisitions) and Paul Jun (Tokyo-Mergers & Acquisitions).
The French state was advised by French law firms Darrois Villey Maillot Brochier and Bredin Prat. Areva was advised by Allen & Overy. MHI was represented by McDermott.