Davis Polk advised Outotec Oyj as to U.S. law in connection with the demerger by Metso Corporation’s minerals business by way of transfer (without liquidation of Metso) to Outotec and Outotec’s issuance of new shares to eligible Metso shareholders as consideration in connection therewith, as well as a bondholder consent solicitation in connection with the combination transaction. After absorbing Metso’s minerals business, Outotec has been renamed Metso Outotec Corporation and Metso has been renamed Neles Corporation.
Metso Outotec Corporation, headquartered in Finland, is a unique new company with leadership in sustainable minerals and metals processing and recycling technologies. The company offers its customers crushing and screening equipment for the production of aggregates as well as equipment and solutions for minerals processing, metals refining, chemical processing and metal and waste recycling. Metso Outotec employs over 15,000 professionals in more than 50 countries and its illustrative combined sales for 2019 were about € 4.2 billion.
The Davis Polk corporate team included partner Reuven B. Young and associate Christopher T. Diel. Partner Jesse Solomon and associates Jane M. McCooey, Patrick O. Malone and Brianne Holland-Stergar provided antitrust and competition advice. Members of the Davis Polk team are based in the London, Washington DC and New York offices.