04 Nov 2010
AIM listed Clipper Windpower Plc acquired by United Technologies Corporation
International business law firm Lawrence Graham LLP ("LG") is acting for Clipper Windpower Plc("Clipper") on its proposed recommended cash acquisition by United Technologies Corporation ("UTC"). UTC purchased an initial 49.5 per cent stake in the leading AIM-quoted wind turbine maker in January 2010 and has now announced the terms of its acquisition of the Clipper share capital not already owned by it, to be effected by way of a scheme of arrangement. It is anticipated that the acquisition will complete in mid-December this year.
UTC will be paying 65p in cash for the outstanding shares which values Clipper at £139.5m. UTC has also granted Clipper a US$50m secured loan facility. Clipper said in September that it was looking at ways to raise capital, including a potential deal with UTC.
The LG team is being led by Corporate partner, Jeffrey Elway, assisted by Corporate associates David Ponsford and Meera Unadkat. Linklaters is acting for UTC.
Jeffrey Elway said: "We are delighted to have worked with longstanding AIM quoted client, Clipper, again on another large strategic deal. Having acted for Clipper when UTC took its substantial equity stake in January this year, this transaction will build on the partnership that Clipper has since had with UTC and is the logical next stage in securing its future."
LG previously advised Clipper on a trio of deals to help raise US$200 million to support its growth in the US.
LG is the leading AIM law firm by both market capitalisation and number of completed deals. Renewables is one of its specialist sectors combining its recognised strengths in estate development, entrepreneurial growth services, capital raising and technology. Work extends from risk and regulation in managing the various consent regimes through project finance to capital markets, and technology supply and procurement. LG's clients include corporates, promoters, investors, government agencies, developers and contractors, covering a wide spectrum of renewable technologies including wind, marine, biomass, energy from waste, biofuels, carbon trading and recycling.
Notes to editors:
LG advises entrepreneurial and growth market clients seeking to raise capital for their business ventures. It is named as adviser to 12 of the FTSE AIM 100 companies, with no other firm listed as acting for more than six.
LG is ranked as number one legal adviser to AIM clients by market capitalisation and joint number one by total number of clients (Hemscott, October 2010)