Several firms on strategic partnership for Vale’s energy transition
Demarest and Cleary Gottlieb advised Vale; Pinheiro Neto Advogados and Dorsey & Whitney LLP advised Manara Minerals with the execution of a binding agreement, a joint venture between Ma’aden, Saudi Arabian state-owned mining company and PIF, sovereign wealth fund of the same country, under which Manara Minerals will invest in Vale Base Metals Limited, the holding entity of Vale’s energy transition metals business, at an implied enterprise value of US$ 26 billion.
Concurrently, Demarest advised Vale with the execution of a binding agreement with the investment firm Engine No. 1, pursuant to which Engine No. 1 will make an equity investment in Vale Base Metals Limited under the same economic terms. The total consideration to be paid to Vale Base Metals Limited under both agreements is US$ 3.4 billion, for a 13% equity interest.
Demarest Advogados relied on partners Paulo Rocha (pictured left), Ana Paula Schedel, Bruno Drago, Izabella Reis, Roberto Casarini, Thiago Maia; Associates Allan Tasaka, Dora Pimentel Mendes de Almeida, Fabio Tayar, Joao Godoy, Vinicius Hercos.
Pinheiro Neto Advogados advised Manara Minerals and relied on partners Carlos Vilhena (pictured center-left), Leonardo Rocha e Silva; senior associates Marcelo Rodrigues, Marina Bertucci Ferreira, José Rubens Battazza Iasbech, André Torres, Lucas Camargo; associate Lucas Walker, Vitor Machado Fernandes, counsel Manuela Mendes Prata, Meilin Ng Canova, Pietra Elias Negrão Vaz and Alexandre Horn Pureza Oliveira.
Cleary Gottlieb also counsel and relied on partners Jeff Lewis (pictured center-right ) and Aaron Meyers, associates Kim Petrick, Matt Kelleher, Kelsey Nussenfeld, Isa Julson Barahona, Simone Marcon, Yuan He, Tamrin Ballon, Caitlin Hanley, Alix Simnock, and Julie Bontems, and law clerk Mina Kim. The capital markets team includes partners Francesca Odell and Juan Giraldez, senior counsel Nick Grabar, counsel Jonathan Mendes de Oliveira, and associates Silvia Fittipaldi, Daniel Oyolu, and Olivia Wittels. The UK M&A team includes partner Nick Rumsby and associate Philip Herbst. Partners Richard Sultman and Bill McRae and associates Peter North and Victoria Ju are advising on tax matters. Partners Michael Albano and Julia Petty, counsel Melissa Reid, and associate Ashley Moss are advising on employment matters. Partner Chris Cook, counsel Steve Kaiser, and associates Basak Arslan and Chloe Hassard are advising on antitrust and competition matters. Partner Chase Kaniecki, senior attorney John Messent, and associates Sam Chang and Pete Young are advising on CFIUS and foreign direct investment matters. Senior attorney Jim Corsiglia is advising on compliance matters. Counsel Beau Sterling and associate Madison Bush are advising on environmental matters. Partner Daniel Ilan and law clerks Giulia De Bosio and Kimberly Everett are advising on intellectual property and privacy matters.
Dorsey & Whitney LLP also advised Manara Minerals and relied on partners Marc Kushner (pictured right), Steven Dalton, Greg Mulley, of counsel Andrew Hamel-Smith; associate Harsha Goel, Matthew Sharp.
