The transaction was effected by way of a scheme of arrangement. This is the first time a takeover scheme of arrangement has included sanctioned shareholders and the scheme therefore had to be structured to take account of applicable sanctions laws.
The consortium will also provide Velocys with $40 million of “growth capital” to support its medium-term strategic plans.
David Bate, general counsel and head of compliance at Velocys, said: “This transaction is crucial for Velocys as it gives us the capital resource necessary to achieve our strategic plans. Mayer Brown’s expertise and continuous support has helped us achieve this vision”.
Velocys is an international sustainable fuels technology company that provides customers with technology solutions to enable the production of negative carbon intensity synthetic, drop-in fuels from a variety of waste materials.
The Mayer Brown team was led by Corporate & Securities partners Rebecca Bothamley and Kate Ball-Dodd and included Corporate & Securities partners Rob Hamill, Harriet Hainsworth (both London) and Ryan Ferris (Chicago), associates Alasdair Maher, Niki Mehta, Georgia Stylianou (all London) and Gretchen Winkel (Chicago), Banking and Finance partners Ashley McDermott (London) and Adam Wolk (New York), associates Adam Kulewicz and James England (both London), Litigation, Regulatory & Enforcement partners Jason Hungerford (London), Tim Keeler and Tamer Soliman (both Washington DC), counsels Paul Whitfield-Jones (London) and Gretel Echarte (Washington DC), senior associate James Ford and associates Mihira Patten (both London) and Mickey Leibner (Washington DC), Restructuring partner Sheena Frazer and Employment & Benefits consultant Andrew Stanger (both London).
