CMS has advised a consortium led by Cheung Kong Infrastructure Holdings Limited (“CKI”) on an agreement to acquire AVR Afvalalverwerking B.V (“AVR”) for approximately HK$9.7 billion (EUR 940 million).
CKI is the largest publicly listed infrastructure company in Hong Kong for Energy, Transportation, Water, Waste Management and infrastructure-related business. Members of the CKI consortium include Cheung Kong (Holdings) Limited and CKI, each taking a 35% stake; Power Assets Holdings Limited (“Power Assets”) a 20% stake; and the Li Ka Shing Foundation Limited holding 10%.
AVR is the largest energy from waste company in the Netherlands. It is the country’s market leader, commanding a 23% market share of the waste processing industry.
The AVR acquisition transaction is subject to customary approvals, including a Central Works Council consultation process as well as approval pursuant to the European Union Merger Regulation. Completion of the transaction is expected to take place in the third quarter of the year.
Corporate Partner Charles Currier led the CMS team which comprised lawyers based in the UK and the Netherlands.
Charles Currier, comments: “We were delighted to act for the consortium on its first investment in continental Europe and for the opportunity to continue to build on the excellent relationship we have developed with them.”
The CMS team also included the following people:
Rowley Higgs, Michelle Kirkland, Sania Stojanovic and Janine Kessel (UK Corporate) and Martika Jonk (Netherlands Corporate)
Robert Lane and Hamish McKinnon (UK Energy) and Cecilia van der Weijden, Jacqueline Feld, Suzanne Reintjes and Dominique Van Voorst tot Voorst (Netherland Energy
Nancy Eller, Patrick Donegan, Katie Duffield and Mike Marston (UK Banking) and Eduard Scheenstra (Netherlands Banking)
Susan Hankey and Christine Graham (UK Competition)
Katja van Kranenburg and Paulus van den Bos (Netherlands employment and pensions)
Juan Crosby, Helen Lou and James Besley (UK IT and IP) and Wouter Seinen (Netherlands IT and IP).
