Deal Description: On March 25, 2019, Enviva Partners, LP (the "Partnership") (NYSE: EVA) announced that it will acquire 100% of the Class B units of Enviva Wilmington Holdings, LLC from a wholly-owned subsidiary of Enviva Holdings, LP (“Holdings”) pursuant to a Contribution Agreement dated as of March 21, 2019. The aggregate consideration for the transaction was approximately $165.0 million, consisting of $115 million in cash and the issuance of 1,681,238 common units.
The terms of the transaction were unanimously approved by the board of directors (the “Partnership Board”) of Enviva Partners GP, LLC, a subsidiary of Holdings and the general partner of the Partnership, based on the unanimous approval and recommendation of the Conflicts Committee of the Partnership Board (the “Conflicts Committee”), which is comprised of independent directors.
Baker Botts represented the Conflicts Committee.
Outside Counsel to the Conflicts Committee: Baker Botts L.L.P.
Financial Advisors to the Conflicts Committee:Evercore
Value: $165 million
Other Party: Enviva Holdings, LP
Counsel to Enviva Holdings, LP: Vinson & Elkins LLP
The Baker Botts Team:
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy and technology sectors. Throughout our 179-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.