White & Case LLP has advised Neste on the deal.
The transactions cover a combination of share and asset deals forming Neste’s entire global base oils business. As part of the divestment, the parties have also agreed on a long-term offtake for Neste’s base oils supply from Porvoo, Finland. With the same date, Neste has signed an agreement to exit its base oils joint venture with Bahrain Petroleum Company and Nogaholding.
Neste creates solutions for combating climate change and accelerating a shift to a circular economy. It refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. It is the world’s leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge.
The White & Case team that advised on the transaction was led by partner Tom Matthews (Picture) and included partners Janko Lindros (Helsinki), David Baker, Lindsey Canning, Will Smith and Helen Joseph (all London) Mark Powell (Brussels), counsel Willem van der Wiele (Brussels) and associates Mark Richardson, Johanna Wagner, Kal Leung, Heidi Blomqvist, Henry Brendon, Alex Miles-Dinham and Francesca MacSwiney (all London), Samuel Salmivirta (Helsinki), and Nick Hallemeesch, Philippe Hendrickx, Marika Harjula and Martina Castren (all Brussels).
Involved fees earner: David Baker – White & Case; Heidi Blomqvist – White & Case; Henry Brendon – White & Case; Lindsey Canning – White & Case; Martina Castrén – White & Case; Nick Hallemeesch – White & Case; Marika Harjula – White & Case; Philippe Hendrickx – White & Case; Helen Joseph – White & Case; Kal Leung – White & Case; Janko Lindros – White & Case; Francesca MacSwiney – White & Case; Tom Matthews – White & Case; Mark Powell – White & Case; Mark Richardson – White & Case; Will Smith – White & Case; Willem Van de Wiele – White & Case; Johanna Wagner – White & Case;
Law Firms: White & Case;