October 06, 2020
Mayer Brown advises Live Oak Acquisition on business combination with Danimer Scientific
Mayer Brown advised Live Oak Acquisition Corporation, a blank check company, on a definitive business combination with Danimer Scientific, a next-generation bioplastics company focused on the development and production of biodegradable material. The business combination will make Danimer Scientific a public company.
In total, Danimer Scientific will have approximately $890 million in equity at the close of the transaction, along with $385 million in cash. By 2025, its revenue is forecasted to be over $500 million annually. Closing is expected to occur in the fourth quarter of 2020 or the first quarter of 2021. Mayer Brown also advised Live Oak Acquisition Corporation on a private placement of its securities from institutional investors of $210 million to close concurrently with the business combination.
The Mayer Brown team included: Corporate & Securities – associates Tareah Ikharo (LA), Olivia Altmayer, Stephanie Coirin (both Chicago) and Gonzalo Go (NY); Employment & Benefits – partner Debra Hoffman and associate Hillary August; Litigation & Dispute Resolution – partners Brian Massengill (all Chicago) and Elizabeth Mann (LA), counsel Kim Leffert (Chicago), Roger Patrick and Meytal McCoy (both DC) and associate Isabella Giorgi (São Paulo); IP – partner Joseph Mahoney (Charlotte) and associates Ryan Babcock and Lana Khoury (both NY); Tax Transactions & Consulting – partner Steven Garden and associates Xiao Xiao (both Chicago) and Brennan Young (NY); Real Estate – partner David Saye, counsel Phil Runkel and staff attorney Ryan Lifland (all Charlotte); and Banking & Finance – associate Brian Kent (Chicago) and senior counsel Kevin Shaw (Houston).
In total, Danimer Scientific will have approximately $890 million in equity at the close of the transaction, along with $385 million in cash. By 2025, its revenue is forecasted to be over $500 million annually. Closing is expected to occur in the fourth quarter of 2020 or the first quarter of 2021. Mayer Brown also advised Live Oak Acquisition Corporation on a private placement of its securities from institutional investors of $210 million to close concurrently with the business combination.
The Mayer Brown team included: Corporate & Securities – associates Tareah Ikharo (LA), Olivia Altmayer, Stephanie Coirin (both Chicago) and Gonzalo Go (NY); Employment & Benefits – partner Debra Hoffman and associate Hillary August; Litigation & Dispute Resolution – partners Brian Massengill (all Chicago) and Elizabeth Mann (LA), counsel Kim Leffert (Chicago), Roger Patrick and Meytal McCoy (both DC) and associate Isabella Giorgi (São Paulo); IP – partner Joseph Mahoney (Charlotte) and associates Ryan Babcock and Lana Khoury (both NY); Tax Transactions & Consulting – partner Steven Garden and associates Xiao Xiao (both Chicago) and Brennan Young (NY); Real Estate – partner David Saye, counsel Phil Runkel and staff attorney Ryan Lifland (all Charlotte); and Banking & Finance – associate Brian Kent (Chicago) and senior counsel Kevin Shaw (Houston).
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