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G+T advises Vast Solar on acquisition for NY Stock Exchange listing

BigLaw firm Gilbert + Tobin has advised an Australian energy company on an acquisition that has placed them on the New York Stock Exchange. 

user iconJess Feyder 27 February 2023 Big Law
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FirmGilbert + Tobin (Vast Solar)

Deal: Vast Solar advised on merger with US-listed company Nabors SPAC.

Area: Energy


Value: Not disclosed

Key players: Corporate advisory partner David Josselsohn led the matter together with partner Elizabeth Cameron. 

They were supported by special counsel Lucy Hall and lawyers Simon Goedhals, Matthew Scrocca, Mary Brady and Charlie Wheatley. 

The M&A team was supported by tax partner Mark Goldsmith and lawyer Matthew Charman, banking + projects partner Robert Trowbridge and lawyer Stephanie Cook, and tech + IP partner Anna Smyth and lawyer Vincent Floro. 

Deal significance: Vast Solar will combine with a special purpose acquisition company (SPAC), backed by NYSE-listed Nabors International, which will result in Vast Solar listing on the New York Stock Exchange while remaining headquartered in Australia. 

Vast Solar is a renewable energy company that developed concentrated solar power (CSP) systems to generate, store and dispatch carbon-free, utility-scale electricity and industrial heat and to enable the production of green fuels. 

Vast Solar’s unique approach to CSP utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. 

Nabors Energy Transition Corp (NETC) is a SPAC that was formed to identify solutions, opportunities, companies or technologies that focus on advancing the energy transition, specifically, ones that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions while satisfying growing energy consumption across markets globally. 

NETC is an affiliate of Nabors Industries Ltd, a leading provider of advanced technology for the energy industry. 

By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors, which owns the global industry’s largest fleet of land drilling rigs and equipment, aims to innovate the future of energy and enable the transition to a lower-carbon world. 

G+T worked closely with Vast Solar’s US counsel on the transaction. 

Speaking of the transaction, Mr Josselsohn said: “We are pleased to have assisted our longstanding client Vast Solar on this transformative transaction and look forward to seeing this leading Australian renewable energy company continue its great work in the clean energy space.”