Swvl’s Merger with Queen’s Gambit Growth Capital

Orrick Herrington & Sutcliffe advised VNV Global on the deal, while Vinson & Elkins represented Queen’s Gambit Growth Capital. Cravath, Swaine & Moore and Maples and Calder represented Swvl Inc.

VNV Global AB’s (STO:VNV) portfolio company, Swvl Inc. and Queen’s Gambit Growth Capital (NASDAQ:GMBT), a publicly-traded special purpose acquisition company, have entered into a definitive merger agreement that would make Swvl a publicly-traded company. Upon closing of the transaction, the combined company will operate as Swvl Holdings Corp and plans to trade on Nasdaq under the new symbol “SWVL”.

The transaction is expected to close in the fourth quarter of 2021, subject to Queen’s Gambit shareholder approval and satisfaction of other customary closing conditions, including any applicable regulatory approvals.

Queen’s Gambit will contribute approximately USD 345 million of cash held in trust assuming no redemptions, and a further USD 100 million in capital, including USD 2.7 million from VNV Global, has been committed through a private investment in public equity  at USD 10 per share.

The transaction implies a pro forma enterprise valuation for Swvl of approximately USD 1.0 billion and pro forma equity value of approximately USD 1.5 billion, and assumes the receipt by the combined entity of approximately USD 445 million in cash following the closing. The definitive merger agreement contemplates that existing Swvl shareholders, including VNV Global will roll-over and retain 100% of their existing equity owning approximately 65% of the combined entity’s pro forma equity.

The transaction is expected to close in the fourth quarter of 2021, subject to Queen’s Gambit shareholder approval and satisfaction of other customary closing conditions.

The Orrick team advising VNV Global included Shawn Atkinson (Picture) and Ed Dyson.

The V&E corporate team was led by partners Caroline Blitzer Phillips, Brenda Lenahan and Ramey Layne with assistance from associates Mariam Boxwala, Heather Brocksmith, Joe Milano, Alice Zhang, Victoria Bahrami-Negad, Waid Barfield, Julie Bontems, Nicole Cerullo and Tara Tegeleci. Also advising were partners Lina Dimachkieh and David Peck, senior associate Brian Russell and associates Jacob Walley and Olivia Sher; partner David D’Alessandro, senior associate Missy Spohn and associate Matt Green; partner Sean Becker and associate Peter Goetschel; partner Emilie Stewart and trainee solicitor Martin Bontea-Ungureanu; partners Fry Wernick, Jeff Johnston and Dave Johnson, counsel David Smith, senior associate Brian Howard and associates Alison Harmes, Tom Mitsch and Tyler Blake; partner Devika Kornbacher and associate Briana Falcon; counsel Sarah Mitchell; partner Maggie Peloso and associate Austin Pierce; and senior associate John Hughes and associate Arabella Robinson.

The Cravath team was led by partners Keith Hallam, Nicholas A. Dorsey and Richard Hall and includes associates Sanjay Murti, Adam M. Sanchez, Gabriel J. Rust-Tierney, Jerome C. Newton and Alexandra J. Valicenti on corporate matters; partner Kara L. Mungovan and associate Leon B. Dalezman on tax matters; partner Margaret T. Segall and practice area attorney Nicole M. Peles on antitrust matters; partner John D. Buretta and practice area attorney Megan Y. Lew on compliance matters; partner Jennifer S. Conway, practice area attorney Arian Mossanenzadeh and associates Jana I. Hymowitz and Laura S. Lee on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; practice area attorney Anthony N. Magistrale on intellectual property matters; and practice area attorneys Brian M. Budnick and Laurel R. Berkowitz on real estate matters.

The Maples’ team was led by Chris Newton with assistance of Ruairi Bourke and Chartered Legal Executive, Chloe Harris.

Involved fees earner: Laurel Berkowitz – Cravath Swaine & Moore; Brian Budnick – Cravath Swaine & Moore; John Buretta – Cravath Swaine & Moore; Jennifer Conway – Cravath Swaine & Moore; Leon Dalezman – Cravath Swaine & Moore; Nicholas Dorsey – Cravath Swaine & Moore; Margaret Segall D’Amico – Cravath Swaine & Moore; Richard Hall – Cravath Swaine & Moore; Keith Hallam – Cravath Swaine & Moore; Jana Hymowitz – Cravath Swaine & Moore; Megan Lew – Cravath Swaine & Moore; Anthony N. Magistrale – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; Arian Mossanenzadeh – Cravath Swaine & Moore; Kara Mungovan – Cravath Swaine & Moore; Sanjay Murti – Cravath Swaine & Moore; Jerome Newton – Cravath Swaine & Moore; Nicole Peles – Cravath Swaine & Moore; Gabriel Rust?Tierney – Cravath Swaine & Moore; Adam Sanchez – Cravath Swaine & Moore; Alexandra Valicenti – Cravath Swaine & Moore; Ruairi Bourke – Maples and Calder; Chloe Harris – Maples and Calder; Chris Newton – Maples and Calder; Shawn Atkinson – Orrick Herrington & Sutcliffe LLP; Edward Dyson – Orrick Herrington & Sutcliffe LLP; Victoria Bahrami – Vinson & Elkins LLP; Sean Becker – Vinson & Elkins LLP; Tyler Blake – Vinson & Elkins LLP; Caroline Blitzer Phillips – Vinson & Elkins LLP; Julie Bontems – Vinson & Elkins LLP; Mariam Boxwala – Vinson & Elkins LLP; Heather Brocksmith – Vinson & Elkins LLP; Nicole Cerullo – Vinson & Elkins LLP; Lina Dimachkieh – Vinson & Elkins LLP; David D’Alessandro – Vinson & Elkins LLP; Briana Falcon – Vinson & Elkins LLP; Peter Goetschel – Vinson & Elkins LLP; Matthew Greenberg – Vinson & Elkins LLP; Brian Howard II – Vinson & Elkins LLP; John M. Hughes – Vinson & Elkins LLP; Melissa Jester Spohn – Vinson & Elkins LLP; David Johnson – Vinson & Elkins LLP; Jeffrey Johnston – Vinson & Elkins LLP; Devika Kornbacher – Vinson & Elkins LLP; Ramey Layne – Vinson & Elkins LLP; Brenda Lenahan – Vinson & Elkins LLP; Joseph Milano – Vinson & Elkins LLP; Sarah Mitchell – Vinson & Elkins LLP; Thomas Mitsch – Vinson & Elkins LLP; David Peck – Vinson & Elkins LLP; Margaret Peloso – Vinson & Elkins LLP; Austin Pierce – Vinson & Elkins LLP; Arabella Robinson – Vinson & Elkins LLP; Brian Russell – Vinson & Elkins LLP; Alison Schoettler Harmes – Vinson & Elkins LLP; Olivia Sher – Vinson & Elkins LLP; David Smith – Vinson & Elkins LLP; Emilie Stewart – Vinson & Elkins LLP; Tara Tegeleci – Vinson & Elkins LLP; Jacob Walley – Vinson & Elkins LLP; Ephraim Wernick – Vinson & Elkins LLP; Alice Zhang – Vinson & Elkins LLP;

Law Firms: Cravath Swaine & Moore; Maples and Calder; Orrick Herrington & Sutcliffe LLP; Vinson & Elkins LLP;

Clients: Queen’s Gambit Growth Capital; Swvl, Inc.; VNV Global ;

Author: Federica Tiefenthaler