Shearman & Sterling is representing Tata Steel UK Limited which has signed an agreement to sell certain assets of Teesside Cast Products (TCP) to Sahaviriya Steel Industries Public Company Limited (SSI), Thailand’s largest steel producer, in a deal worth $469 million plus an amount representing working capital.

The agreement is the culmination of some 22 months of work since Tata Steel began an exhaustive search for alternative futures for TCP. Completion of the transaction is expected to take place by the end of March.

The assets covered by the sale include the Redcar and South Bank coke ovens, TCP’s power generation facilities and sinter plant, the Redcar Blast Furnace and the Lackenby steelmaking and casting facilities.

The deal will also result in Tata Steel and SSI entering into a joint venture to operate Redcar Wharf (TCP’s bulk terminal), giving Tata Steel the flexibility to use Teesside to serve its other steelmaking operations, while also meeting SSI’s requirements on Teesside.

The Shearman & Sterling team of lawyers in the firm’s London office is being led by M&A partner Laurence Levy. He is being assisted by M&A associates Rebecca Hilton, Lucy Graham, Tom Lewis and trainees Jack Prytherch, Blake Spencer and Mak Judge. The commercial agreement workstream is being led by project finance partner Kenneth MacRitchie and includes associates Ann-Marie Roberts, Anna Duncan, Elena Tzvetinova, Julien Bocobza, Laura Khong and Robin Bayley and trainees Pamela Dusu and Richard Kiveal and Karen McCormack. Counsels Sam Whitaker, Deborah Lincoln and Alex Bevan are advising on employment, IP and arbitration law respectively. Partner Iain Scoon and associate James Leslie are advising on tax aspects of the sale. Partner Matthew Readings and associate George Milton are advising on competition law related matters.‬