BLP advises Riverstone and Wayne on successful antitrust clearance for $780m divestment
Berwin Leighton Paisner (BLP) has advised Riverstone Holdings LLC (Riverstone) and its portfolio company Wayne Fueling Systems (Wayne) on the $780m disposal of Wayne to Dover Corporation.
The multi-jurisdictional work involved advising on all merger control aspects worldwide including guiding Riverstone and Wayne through a complex review by the UK’s Competition and Markets Authority (CMA) which has cleared the deal with conditions. The Firm’s Antitrust & Competition team was able to assist Riverstone in closing the deal ahead of the conclusion of the CMA’s investigation by deploying an innovative technique in UK merger control procedure.
The cross-office team was led by Brussels-based Partner Dave Anderson, Brussels Associate Paul Culliford and London Senior Associate Sarah Ward. They worked closely with Riverstone Assistant General Counsel Charles Chipchase and Wayne General Counsel Tracy Holland throughout the process.
Commenting on the relationship, Tracy Holland said: “Dave, Paul, and Sarah brought just the right mix of practicality and creativity, and their partnership was invaluable in helping us to navigate this highly complex process and bring it to a successful conclusion.”
Dave Anderson added: “The global nature of the Wayne business and the complexity of the markets involved made for a challenging regulatory environment. Getting this deal cleared and closed quickly was the result of our team understanding the issues and the regulator, finding practical solutions and working so well with the great teams at Riverstone, Wayne and Dover.”
Riverstone is an energy and power-focused private investment firm with approximately $34bn of capital raised which conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power, and renewable sectors of the energy industry. Wayne is a global manufacturer and supplier of fuel dispensing, payment, automation, payment terminals and forecourt measurement and control solutions. BLP previously advised Riverstone on its original acquisition of the Wayne business from General Electric in 2014.