Leading international law firm Herbert Smith Freehills has advised New Energy One Acquisition Corporation (NEOA), backed by LiveStream and Italian-listed energy company Eni, on its £175 million SPAC listing on the London Stock Exchange.
It is the third SPAC listing in London under the new listing rules and it is the largest to date.
NEOA is also the first SPAC listed on London Stock Exchange focused on driving the Energy Transition, supercharging decarbonisation to achieve the net zero targets that have been set globally, following COP26.
The team advising was led by Corporate Equity Capital Markets partner Michael Jacobs and senior associate Thomas Vaughan, with Corporate partner Greg Mulley; and support from senior associate Shaun Williamson, associates Marcus Lyon and Ada Yung, trainee Ali Qureshi, US securities partner Dinesh Banani and associate Anna Shemer, Tax partner Isaac Zailer and tax associate James Tryfonos, Finance partner John Chetwood and associate Matthias Steiner.
Michael Jacobs commented:
"This is one of the very first London listed SPACs under the new regime and the largest one to date. It uniquely involved a UK incorporated, onshore listing vehicle coupled with a strategic co-sponsor. It was a real pleasure to help LiveStream and Eni launch the UK's first energy transition SPAC, especially given it is designed to accelerate our transition to net zero. We are very much looking forward to supporting NEOA going forward."
NEOA is sponsored by LiveStream LLC and Eni International B.V., a wholly owned subsidiary of Eni S.p.A. LiveStream is an investment company formed by one of NEOA's executive directors, Sanjay Mehta.
Eni, who will subscribe for 10% of NEOA's ordinary share capital and 25% of the sponsor capital, is a major integrated energy company engaged in the exploration, production, transportation, transformation, and marketing of oil and natural gas. Eni has a dedication to the Energy Transition and has committed to a net zero target by 2050. Eni has also entered into a forward purchase agreement granting it the right to subscribe for up to 15%, subject to a maximum of up to £41 million, of the ordinary shares issued in a private investment in public equity (a “PIPE”) transaction, to be issued at the time of, and conditional on, completion of a business combination.
Furthermore, Li You Investment Corporation has also entered into a forward purchase agreement granting it the right to subscribe for ordinary shares of up to £15 million, to be issued at the time of a PIPE, and conditional on, completion of the business combination. Li You Investment Corporation is an investment vehicle which is beneficially owned and controlled by Chen Ching-Chih, whose family is the largest shareholder of Wan Hai Lines Ltd, a publicly listed company on Taiwan Stock Exchange with a market capitalisation of circa US$15 billion, and who are at the forefront of investing in international shipping with a reduced carbon footprint.