Watson Farley & Williams (“WFW”) has assisted Japan’s largest shipowning conglomerate Nippon Yusen Kabushiki Kaisha (“NYK”) on the successful completion of its acquisition of a 50% stake in Avenir LNG Limited (“Avenir LNG”) from Stolt-Nielsen Gas Ltd. (“Stolt-Nielsen”), a subsidiary of Stolt-Nielsen Limited.
The transaction was completed following WFW’s coordination and sourcing for both NYK and Stolt-Nielsen of all required regulatory and competition authority approvals, including merger control clearances in the EU, China and South Korea.
Established in 1885, NYK provides safe and high-quality transportation services through its world-class fleet and global network across the container, automotive, dry bulk and energy carrier markets. Founded in 2017, Avenir LNG has developed into a leading LNG bunkering company, operating a global fleet of vessels serving customers worldwide. Stolt-Nielsen is a leading global provider of integrated bulk-liquid logistics, storage and specialised transportation services.
The multi-disciplinary WFW London Maritime team advising NYK was led by Asset Finance Partner Patrick Kirkby and Corporate Partner Christina Howard, supported by lead Senior Associate Sebastian Lello and Associate Laura Izquierdo. Project documentation and asset finance advice was provided by Partners Robert Platt and Joe McGladdery, Senior Associate Sarah Lunn, and Associates James Burgess and Lottie Lymer. Partner Devan Khagram and Associate Charlotte Herrington advised on the employment law aspects of the transaction. Tax advice was provided by Partners Claire Miles and Richard Stephens and Associate Pip Moss. Competition law advice was provided by Partner Solange Leandro and Senior Associate Edita Katuscakova and Associate Maximilian O’Driscoll, who coordinated the merger control clearance process across multiple jurisdictions. Partner Nick Walker and Associate Hamish Ungless advised on regulatory and environmental law matters. Real estate expertise was provided by Partner John Rosmini and Senior Associate Cole Tennant-Fry. Sanctions advice was provided by Partner Simon Kavanagh. Partner Heike Trischmann advised on LNG supply and trading contracts.
Patrick commented: “It’s fantastic when the parties in a deal see the added benefits we can offer on an investment by being able to provide one stop shop advice on so many aspects of a company’s business lines, delivered on tight timelines and in a cost-effective manner. We’re proud to have supported NYK on this investment and look forward to watching the bunker sector spur on other shipowners in their transition to greener fuels”.
Christina added: “With our maritime clients focussing increasingly on corporate acquisitions as a method to enter market segments of interest, it’s satisfying to showcase our offering in this arena through to closing, drawing on the strength of WFW’s full-service maritime, corporate and regulatory capabilities. This is a great example of how our sustained investment in the right talent enables us to guide clients through complex, multi-jurisdictional transactions and regulatory processes across the shipping and energy sectors”.
Solange remarked: “We are delighted to have supported NYK on the successful completion of this strategically important transaction. Securing merger control approvals across the European Union, China and South Korea was key in delivering the deal, and it has been a pleasure working alongside NYK throughout the process to help both NYK and Stolt-Nielsen to obtain the regulatory approvals required to close out this aspect of the transaction”.
Appleby supported WFW on matters of Bermudan law.
