Enviva Partners, LP completed the acquisition of Georgia Biomass Holding LLC from innogy SE for approximately $170 million.
The closing of the transaction is subject to antitrust clearance both in the UK and in the US and customary closing conditions. As of July 16, 2020, the transaction is approved by Federal Trade Commission. The transaction is expected to be completed in the third quarter of 2020. Caroline Blitzer Phillips, Tzvi Werzberger, Ryan Carney, David Cole, Darren Tucker, Ramey Layne, Chris Mathiesen, Scot Dixon, Brian Bloom, Christie Alcalá, Sean Becker and Sarah Mitchell of Vinson & Elkins LLP acted as legal advisors to Enviva Partners, LP. HSBC Trinkaus & Burkhardt AG acted as financial advisor to innogy SE. Bank of Montreal acted as financial advisor for Enviva Partners. K&L Gates LLP advised RWE Group on the deal. The K&L team was led by partners David Edgar and Thomas Lappe.
Enviva Partners, LP (NYSE:EVA) completed the acquisition of Georgia Biomass Holding LLC from innogy SE (XTRA:IGY) for approximately $170 million on July 31, 2020. Georgia Biomass has $1.5 million as cash. The deal value includes cash paid on closing as $168.3 million and settlement of payable from Enviva Partners to Georgia Biomass. In July 2020, Enviva Partnersissued an additional $150.0 million aggregate principal amount of the 2026 Notes at an offering price of 103.75% of the principal amount. Enviva Partners received net proceeds of approximately $153.6 million from the Additional Notes offering after deducting discounts and commissions to fund the acquisition.