Shearman & Sterling has won a major instruction from Tata Steel on a deal that will see the creation of around 800 jobs in the North East of England.
The US firm advised Tata on the sale of various assets of Teesside Cast Products (TCP), including its steel and sinter-producing facilities, to Thailand’s Sahaviriya Steel Industries (SSI), and the establishment of a joint venture between the companies to operate the Redcar Wharf terminal.
In total the deal is valued at $469m (£291.55m) and is expected to close later this month.
London M&A partner Laurence Levy led the team for Shearman, alongside project finance partner Kenneth MacRitchie, competition partner Matthew Readings and tax partner Iain Scoon.
Salans is advising SSI, with London capital markets partner Zarko Iankove leading. DLA Piper is acting for Tata on environmental and policy work, with property partner Neil Slater and environment partner Teresa Hitchcock leading. Freshfields Bruckhaus Deringer employment partner David Pollard advised on pensions.
Levy acted for steelmaker Corus, a longstanding client since he was a partner at Norton Rose, until its 2007 takeover by Tata. This is understood to be his first mandate acting for the merged entity.
Levy said: “The thing I enjoyed was the client’s commitment to the community in recreating the jobs, which has been a big part of the deal.”
The plant was mothballed and has been under threat of closure since last February, when more than 1,000 workers lost their jobs.