Latham & Watkins advises TechnipFMC on its proposed split.
TechnipFMC plc announced the resumption of activities with a view to its plan to split into two leading companies in their markets, independent and listed on the stock exchange: TechnipFMC, a provider of fully integrated technologies and services; and Technip Energies, a leading player in engineering and technology. The transaction is expected to be structured as a spin-off of 50.1% of the outstanding shares of Technip Energies segment of TechnipFMC to existing shareholders of TechnipFMC on a proportional basis. As part of this spin-off, Bpifrance, which has been a major shareholder of TechnipFMC since 2009, intends to invest US $ 200 million in Technip Energies by acquiring shares in the stake retained by TechnipFMC in Technip Energies. Technip Energies will be listed on Euronext Paris with American Depositary Receipts traded over-the-counter in the United States. The split is expected to be complete in the first quarter of 2021.
The TechnipFMC legal team in charge of the transaction was led by Victoria Lazar, Executive Vice President, Chief Legal Counsel and Secretary, Stevan Verkin, Director of Legal Operations – Americas, Stephen Siegel, Legal Director – Corporate and Securities, Lisa Wang, Legal Director – Corporate and Securities, and Henri-Frédéric Hibon, Legal Director – M&A and Corporate Finance. TechnipFMC’s legal team also included Alexis Desreumaux, Aurelia Gorman and Françoise Pickering as Senior Legal Counsel.
Latham & Watkins represents TechnipFMC within the framework of the operation with a team in Paris led by Alexander Crosthwaite, partner, with Philippe Tesson, François Blanchet and Xiaocai Fu on corporate aspects. Roberto Reyes Gaskin, partner, has worked on aspects of capital markets. Christopher Drewry and Mark Gerstein, partners in Chicago, Ryan Maierson, partner in Houston, Edward Barnett and Anna Ngo, partners in London, and Douglas Greenburg, partner in Washington also intervened on the corporate aspects of the transaction.
Xavier Renard, partner in Paris, with Alexis Caminel spoke on the French tax aspects of the operation. Matthias Rubner, partner in Paris, with Jad Clam intervened on aspects of French social law.
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