Our regular round-up of deals involving Irish law firms. Submit your deals to [email protected].
- Fieldfisher advises Simply Blue on €15m investment deal with Octopus Renewables
European law firm Fieldfisher has advised Irish developer Simply Blue on a €15 million deal with clean energy investment house Octopus Renewables.
Octopus, which has a diverse portfolio of renewable energy assets totalling over 2.8GW, has taken a 24 per cent stake in Simply Blue to spur ahead plans for a 9GW pipeline of floating wind projects off the UK and in wider international waters.
The €15m ($17.6m) capital injection being made via the Octopus Renewables Infrastructure Trust is seen as an “enabler” to Simply Blue’s lead-off projects which Fieldfisher previously advised on.
These include the Emerald floating wind array being developed with Shell off Ireland, the Blue Gem portfolio in progress with TotalEnergies off Wales, and the 200MW Salamander off Scotland.
Significantly this investment will support and accelerate Simply Blue’s international expansion outside of the UK and Ireland, utilizing the unique experience and skills gained from our pioneering developments in both the UK and Ireland.
Feilim O’Caoimh, head of renewable energy at Fieldfisher, said: “We are delighted to have closed yet another significant deal for Simply Blue as they continue to innovate in the area of marine development. Floating wind is an exciting and rapidly expanding area within renewables and we look forward to partnering with Simply Blue on further projects.”
Mr O’Caoimh was supported on the transaction by Jamie Woodcock and Teodora Puiu in the renewable energy team, employment lawyer Barry Walsh, privacy lawyer Julie Austin and real estate lawyer Breen Purcell.
- Philip Lee advises Novellus Therapeutics on $125m acquisition by biopharma company
Philip Lee has advised engineered cellular medicine company Novellus Therapeutics Limited on its $125 million acquisition by biopharmaceutical company Brooklyn ImmunoTherapeutics.
This acquisition advances Brooklyn’s evolution into a platform company with a pipeline of next-generation engineered cellular, gene editing and cytokine programs.
Brooklyn ImmunoTherapeutics acquired Novellus for $125m, consisting of $23 million in cash and 7,022,230 shares of Brooklyn common stock, which were valued at a total of $102 million based on a price of approximately $14.53 per share.
The Philip Lee team advising Novellus on the transaction was led by M&A partner Andy McConnell.
- Matheson advises IQ-EQ Group on purchase of Davy fund managers
Matheson has advised global funds and institutional investment manager IQ-EQ Group on its acquisition of Davy’s fund management business in Ireland and Luxembourg.
IQ-EQ Group acquired Green Bay Acquisitions Limited, the holding company of Davy Global Fund Management (DGFM), the trading group for Davy’s fund management business in Ireland and Luxembourg. It is part of Davy Group, one of Ireland’s largest domestic financial services businesses.
IQ-EQ was advised by a cross-departmental Matheson team led by corporate M&A partners Sandra Lord and Brian McCloskey, investment funds senior associate Eunan Hession and corporate associate Una Donovan.
Mr McCloskey said: “We were delighted to advise IQ-EQ on what is a strategically important and exciting acquisition and to allow them to further develop their footprint in Ireland.
“We have recently advised on a number of acquisitions in the financial regulation space and only see this market continuing to expand both domestically and globally.”
Ms Lord added: “This transaction represents a strong platform for IQ-EQ to further grow their business both in Ireland and more globally and we were delighted to assist in making this a smooth and efficient value add for them.”
- Arthur Cox advises Cognizant on acquisition of Irish company TQS
Arthur Cox has advised professional services company Cognizant on its acquisition of TQS Integration, a privately-owned global industrial data and intelligence company based in Lismore.
TQS delivers manufacturing data intelligence, global technology consulting and digital systems integration to help manufacturers accelerate their digital transformations.
Cognizant’s fifth acquisition in 2021 expands its presence in Ireland, a hub for the world’s leading life sciences manufacturing experts and an ideal location for delivering Industry 4.0 consulting and services to European manufacturing clients.
The Arthur Cox team was led by corporate associate Kylie Dollard and included Sarah McDermott, Ailbhe Ní Bhriain and Andrew Hughes (corporate and M&A), Ailish Finnerty and Carl Grenville (tax), Olivia Mullooly, Caoimhe Stafford and Alison Peate (technology and innovation), Kevin Langford and Declan MacQuillan (employment), Darragh Geraghty and Naoise Duffy (finance), Órlaith Molloy and Ciara White (real estate), Patrick Horan, Simon Breen and James Dowling (competition), Michael Shovlin and Doireann Nic Mhathúna (pensions) and Tara Roche (anti-bribery and anti-corruption).
- Beauchamps advise Terra Solar in their sale to Power Capital
Beauchamps has advised Terra Solar on its sale of a 407 MWp solar farm portfolio to Irish solar PV developer Power Capital Renewable Energy.
The Beauchamps team was led by energy and natural resources partner Ainsley Heffernan with support from Daire Russell, John Sweeney and Stuart Conaty.
André Fernon, co-founder and director of Terra Solar, said: “Beauchamps’ team enabled this transaction from the diligent execution of the initial land lease options four years ago to the flawless structuring and execution of a complex transaction over the last number of months.
“In summary, their investment in deep renewable capabilities and belief in long term client relationships is second to none.”