Nishith Desai Associates : Deal Corner
Posted by By nishithadmin at 24 February, at 23 : 06 PM Print
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ReNew Power to go public on NASDAQ via merger with a US SPAC, RMG Acquisition Corporation II in USD 8 Billion Transaction
DEAL BRIEF
ReNew Power Private Limited, India’s leading pure-play renewable energy producer, and RMG Acquisition Corporation II (RMG II), a special purpose acquisition company, have executed a definitive business combination agreement that would result in ReNew becoming a publicly listed company on the NASDAQ, at an enterprise value of USD 8 bn. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions.
ReNew’s existing shareholders, who together own 100 per cent of ReNew today, will be rolling a majority of their equity into the new company, ReNew Energy Global PLC. The combined group will have around USD 4.4 bn in market cap and USD 1.2 bn in estimated gross cash proceeds. On deal closing, ReNew Energy Global PLC would be listed under the symbol ‘RNW’ on NASDAQ.
OUR ROLE
Nishith Desai Associates acted as legal and tax counsel to ReNew Group.
PRESS COVERAGE
News and media reports related to the deal:
https://www.dealstreetasia.com/stories/renew-power-us-listing-227757/
Benchmark Litigation Asia-Pacific: Tier 1 for Government & Regulatory and Tax
2020, 2019, 2018
Legal500 Asia-Pacific: Tier 1 for Tax, Investment Funds, Labour & Employment and TMT
2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012
Chambers and Partners Asia-Pacific: Band 1 for Employment, Lifesciences, Tax and TMT
2020, 2019, 2018, 2017, 2016, 2015
IFLR1000: Tier 1 for Private Equity and Project Development: Telecommunications Networks.
2020, 2019, 2018, 2017, 2014
AsiaLaw Asia-Pacific Guide 2020: Ranked ‘Outstanding’ for TMT, Labour & Employment, Private Equity, Regulatory and Tax
FT Innovative Lawyers Asia Pacific 2019 Awards: NDA ranked 2nd in the Most Innovative Law Firm category (Asia-Pacific Headquartered)
RSG-Financial Times: India’s Most Innovative Law Firm
2019, 2017, 2016, 2015, 2014
Who’s Who Legal 2020:
• Nishith Desai- Thought leader (Corporate Tax 2020, India 2020), Global leaders
(Private Funds 2020)
• Vikram Shroff-Global Leaders (Labour & Employment 2020, Pensions & Benefits 2020)
• Milind Antani- Pharma & Healthcare – only Indian Lawyer to be recognized for
‘Life sciences – Regulatory,’ for 5 years consecutively
