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Matheson advises ProKidney LP on $2.64 billion combination with Social Capital Suvretta Holdings

Matheson advises Irish-registered biotechnology company ProKidney LP in its announced IPO transaction through a business combination with SPAC Social Capital Suvretta Holdings Corp. III, listed on Nasdaq, in a deal valuing the combined entity at $2.64 billion.

Upon closing of the transaction, the combined company will be listed on Nasdaq under the symbol “PROK”. The transaction is expected to close in the third quarter of 2022.

ProKidney is a clinical-stage cell therapy company focused on chronic kidney disease through cell therapy innovations, founded in 2015 after a decade of research.

Its lead product candidate, REACT (Renal Autologous Cell Therapy) is a patented, first-of-its-kind autologous cell therapy that has the potential to not only slow and stabilize the progression of chronic kidney disease, but also, in some cases, to lead significant improvement in renal function.

The Matheson cross-departmental team is led by a tax partner Gerry Thorton with other partners Fergus Bolster, George Brady, david jones and Phil Tuly, in collaboration with team members Raphael Clancy and Darren Quinn.

Pinsent Masons Ireland advises on transfer of €1 billion variable annuity policies

Multinational law firm Pinsent Masons advised Athora Ireland plc on its transfer of a portfolio of variable annuity policies to Monument Life Insurance DAC, with assets under management valued at almost €1 billion for approximately 13,000 customers.

The transaction, believed to be the largest portfolio transfer of variable annuity business that has been approved by the Irish High Court, was completed on December 31, 2021.

Pinsent Masons also advised Athora on a day one reinsurance agreement governed by Irish law providing for the transfer of the residual economic risk of the variable annuity business portfolio to a Monument Group reinsurer until its completion.

Pinsent Masons team senior partner was the business insurance partner Naoise Harnett, supported by a partner Madhu Jain, senior partner niall campbell and Stephen Gamble in the business insurance team, technology partner Andreas Carney, main job collaborator Ciara Rouane and intellectual property partner Aoibheann Duffy.

Mr Harnett said: “This transaction is significant not only for its scale, but also because it demonstrates that book acquisitions of variable annuity business in the Irish market are still possible provided the stringent requirements of the Central Bank of Ireland are complied with.

“We were delighted to be able to finalize this strategic transaction for Athora and to complete it as planned, without any delays. The day one reinsurance agreement that was negotiated and concluded in this transaction is also noteworthy as it demonstrates the reinsurance expertise of Pinsent Masons Irish Commercial Lines team based in Dublin.

NI: MKB Law advises Elgin Energy on UK’s largest solar PV deal

Belfast-based MKB Law assisted Elgin Energy in its recent portfolio sale to Scottish Power Renewables, the UK’s largest solar PV deal to date.

The sale consists of 12 pre-construction stage projects located across Britain with a combined capacity of 519MW which. The portfolio also includes a 70 MW co-located storage battery.

The corporate division of the company, headed by the general manager Gordon McElroy with the support of Jose Lazaro and Lynsey Henderson, provided specific support regarding grid connection agreements in England and Wales, as well as various aspects of the business.

Elgin Energy, one of MKB Law’s long-time clients, is a leading international, independent solar development group with a 98% success rate through planning in all of its markets. Scottish Power Renewables is a subsidiary of the Iberdrola Group, a global power utility company headquartered in Bilbao, Spain.

Mr McElroy said: “This agreement demonstrates the continued commitment of both companies to ensuring that solar PV and storage play a key role in the UK’s future generation mix. MKB Law is particularly pleased, especially for the opportunity to offer our services to support the burgeoning renewable energy sector, but with the UK committed to achieving net zero, this agreement marks a significant step forward in decarbonisation. of the electricity sector.

Dillon Eustace LLP advises Blantyre Capital on partnership with Piraeus Bank

Dillon Eustace LLP acted as legal adviser to Blantyre Capital Limited, a London-based investment management firm, in connection with its long-term partnership with Piraeus Bank for the management of equity interests held by the bank.

Piraeus Bank, a wholly owned subsidiary of Piraeus Financial Holdings, is Greece’s leading bank in terms of total market share and branch network, with around 5.5 million customers.

The portfolio under management, with an initial scope of 0.2 billion euros, includes certain holdings unrelated to the financial sector in general and more particularly to the main activity of the bank.

The transaction will allow Piraeus Bank to optimize the value of its non-core holdings by placing these holdings under specialist outsourced professional asset management overseen by subsidiaries of Blantyre Capital.

Dillon Eustace’s team was led by Adrian Benson, partner and company director, and Donnacha O’Connor, Managing Partner and Head of Asset Management and Investment Funds.

Matheson advises Glanbia Co-operative Society on the acquisition of Glanbia plc’s stake in Glanbia Ireland

Matheson advised the Glanbia Co-operative Society on the financing arrangements for its recently announced acquisition of Glanbia plc’s 40% stake in Glanbia Ireland.

The financing agreements (raising approximately €310 million) include an equity placement by Glanbia Co-op of approximately 2% of the issued share capital of Glanbia plc as well as the issuance of an exchangeable bond linked to shares of 250 million euros.

A cross-functional team from Matheson advised on this financing transaction as well as the previously announced acquisition. The corporate team was led by the partner David Fitzgibbon and senior partner Enda Garvey, and the finance and capital markets team was led by partners Donald O’Donovan and Richard Kelly.

Mr. Fitzgibbon said: “We are delighted to have worked with Glanbia Co-op and its management team on the combined equity and debt fundraising, another key aspect of a transformational transaction for Glanbia Co. -op. The fundraising demonstrates the continued appeal of Irish businesses to domestic and international investors.

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