Davis Polk advised Technip Energies in connection with the completion of the spin-off transaction by TechnipFMC, announced on February 15, 2021, to create two industry leading, independent, publicly traded companies, TechnipFMC plc and Technip Energies N.V. The transaction has been structured as a spinoff of 50.1% of the outstanding shares in TechnipFMC’s Technip Energies segment to existing TechnipFMC shareholders on a pro rata basis. In connection with the spinoff, Bpifrance, which has been a substantial shareholder of TechnipFMC since 2009, intends to invest $200 million in Technip Energies by acquiring shares from TechnipFMC’s retained stake in Technip Energies. Technip Energies is listed on Euronext Paris with American depositary receipts trading over-the-counter in the United States.
TechnipFMC is a leading technology provider to the traditional and new energies industry; delivering fully integrated projects, products and services. Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management.
The Davis Polk corporate team included partners Jacques Naquet-Radiguet and William H. Aaronson and associate Ferdinand Barbé. Partner Leo Borchardt and associate Despoina Arslanidi provided U.S. capital markets advice. Partner Jeffrey P. Crandall and associates Travis Triano and Kerri Thompson provided executive compensation advice. The tax team included counsel Ethan R. Goldman and associate Elina Khodorkovsky. Partner Pritesh P. Shah provided intellectual property advice. Members of the Davis Polk team are based in the Paris, New York and London offices.
Latham & Watkins LLP advised TechnipFMC. Cleary Gottlieb Steen & Hamilton LLP advised Bpifrance.