We advised newcleo on the transaction

Davis Polk advised newcleo plc on its business combination with NewHold Investment Corp. III, through which newcleo became a publicly listed company. The transaction valued newcleo at a pre-money equity value of approximately $2.4 billion and provided approximately $247 million in gross proceeds. The business combination closed on September 21, 2026. newcleo’s ordinary shares and warrants will begin trading on the Nasdaq Global Select Market under the ticker symbols “NWCL” and “NWCLW,” respectively, on September 22, 2026.

newcleo is an innovative nuclear technology company developing advanced modular reactors and nuclear fuel designed to deliver clean, safe and sustainable energy at competitive costs. newcleo’s technology combines lead-cooled fast reactors with fuel manufactured from recycled nuclear materials, with the aim of providing abundant and reliable electricity and heat to industrial users while enabling the closure of the nuclear fuel cycle. The company brings together more than 900 employees across Europe and the United States, spanning reactor and fuel design, engineering and manufacturing.

The Davis Polk corporate team included partners Yasin Keshvargar, Michael Senders and Derek Dostal and associates Alexandre Diniz, Kristina (Kexin) Wang, Andrew R. Board and Jesse A. Miot. Partner Travis Triano and counsel Christina Rose Andersen provided executive compensation advice. Partner Kara L. Mungovan provided tax advice. Members of the Davis Polk team are based in the New York and São Paulo offices.

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