Deal Description: On June 18, 2020, Enviva Partners, LP (the "Partnership") (NYSE: EVA) announced that it will acquire 100% of the interests in Enviva Pellets Greenwood Holdings II, LLC, which, through its wholly-owned subsidiaries, owns a wood pellet production plant in Greenwood, South Carolina, from a wholly-owned subsidiary of Enviva Holdings, LP (“Holdings”) pursuant to a Contribution Agreement dated as of June 18, 2020. The aggregate consideration for the transaction was approximately $132.0 million in cash and the assumption of a $40.0 million third-party promissory note bearing interest at 2.5 percent per year.
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 L.L.P. represented the Conflicts Committee in the transaction.
Baker Botts Lawyers/Office Involved:
Environmental: Matthew Kuryla (Partner; Houston)
For more information, please see Enviva Partners, LP’s news release here.
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 650 lawyers practicing throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology, and life sciences sectors. Since 1840, 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.