19 Jan 2010
LG advises on a $270 million deal for wind energy client
International business law firm Lawrence Graham LLP ("LG") has advised Clipper Windpower Plc ("Clipper") on a US$270 million transaction with United Technologies Corporation ("UTC"), comprising a US$206 million equity investment into Clipper by UTC, together with a US$64 million partial cash offer from UTC to Clipper's shareholders. Closing of the equity investment and the partial cash offer was announced on 12 January 2010.
Clipper is an AIM-listed company based in the US and UK, which is engaged in wind turbine manufacturing and wind project development.
Commenting on the deal, Clipper's Chairman James G.P. Dehlsen said: "This transaction is transformational for Clipper as it represents a strategic investment by one of the world's leading industrial technology companies. We welcome the investment from UTC and their confidence in Clipper's technology and business opportunities. Following this transaction, we believe there is a tremendous opportunity for Clipper to grow its market share and take its world-class technology to new markets, and we look forward to working together with UTC to achieve these goals."
The LG team was led by Corporate solicitor David Ponsford, working with Commerce and Technology partner Jonathan Riley and Corporate lawyers Fiona Smith, Meera Unadkat and Vuyelwa Chigaru, with project support from the LG IT team.
Jonathan said: "We are delighted to have worked with Clipper again on another large strategic deal - we worked together to structure, negotiate and sign the whole deal at a pace which reflected the importance of the deal. This investment will significantly strengthen Clipper's position at a time when the offshore wind turbines market looks set to grow. We were also pleased to see the share prices of both Clipper and UTC rise on the announcement of this deal."
JP Morgan Cavenoze and Goldman Sachs acted as financial advisers to Clipper, and Linklaters acted for UTC.
LG previously advised Clipper on a trio of deals to help raise US$200 million to support its growth in the US.
Notes to editors:
- The LG Corporate team advises FTSE100 companies and their boards, investment banks, large institutional and multinational corporations through to smaller quoted and non-quoted companies and the ambitious individuals who drive them on. We advise on acquisitions, joint ventures, AIM and Full List flotations, private wealth planning and succession planning or tax transactions.