Originally published June 2009
Following the recent bankruptcy of Econcern, Eversheds was asked by the administrators of the Company to advise it on the sale of OneCarbon. Rob Faasen, Managing Partner of Eversheds Faasen based in Rotterdam, noted that it was because of Eversheds' clean energy focus and understanding of the sector that his team was asked to be involved.
On the transaction, Rob commented; "the Purchaser, Orbeo, were interested in purchasing the entire OneCarbon business. Because of the bankruptcy of Econcern, we had to work on a very tight timetable. All advisors and parties were able to meet the demands from the receivers. Consequently, a very important business was saved together with the employment of approximately 95 people. We were delighted to be a part of the success of this process."
Please see below for Orbeo's press release following the completion of the transaction.
Orbeo Signs Agreements To Purchase OneCarbon
Orbeo, the joint-venture equally owned by Rhodia and Société Générale, announces the signing of agreements to purchase OneCarbon International BV, an Econcern Group subsidiary. OneCarbon is an international company that generates high quality carbon credits by originating, developing, co-developing or financing projects that reduce greenhouse gas emissions.
This acquisition will reinforce Orbeo's carbon offset sourcing activity and will also allow it to extend its service offer to emission reduction project developers and owners. Thanks to its experienced and multi-disciplinary teams, together with its extended geographical presence, Orbeo will further develop its products and services along the whole carbon value chain.
Orbeo's President Philippe Rosier explains: "By teaming up with OneCarbon, we want to build up strong positions in the carbon offset sourcing business. OneCarbon has built a significant expertise in the development of high quality projects generating greenhouse gas emission offsets. Through a set of major technical competencies, we aim at implementing projects which contribute to address climate change and to accelerate global sustainable development".
Jérôme Malka, Managing Director at Orbeo, adds: "Orbeo and OneCarbon are complementary businesses. Our shared vision and values, combined with the quality of the teams, are key in this acquisition. We rely on these solid bases to achieve our strategy of sustainable growth".
The effective completion of the transaction is subject to certain closing conditions, including approval by the relevant antitrust authorities; it is expected to be finalised by the fourth quarter of 2009.
For further information please contact:
Michelle Thomas
Partner
Tel: 0845 498 7553
michellethomas@eversheds.com
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
