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.

The Team