Slaughter and May is advising Aker Horizons AS on its proposed acquisition of Mainstream Renewable Power Limited

Slaughter and May is advising Aker Horizons AS, a subsidiary of Aker ASA, on its proposed acquisition of 75% of Mainstream Renewable Power Limited, a leading independent renewable energy business within onshore and offshore wind and solar.

Aker Horizons is Aker’s investment platform dedicated to investing in, incubating and developing companies within renewable energy and decarbonisation technologies. Adding Mainstream to its portfolio enables Aker Horizons to accelerate the development of a global position within renewable energy and marks a significant step towards realising Aker Horizons’ planet-positive ambitions.

Aker Horizons has agreed to acquire 75 percent of Mainstream Renewable Power for a total consideration on a 100 percent basis of EUR 900 million, subject to customary adjustments. Existing Mainstream shareholders, led by founder and chairman Dr. Eddie O'Connor, will re-invest and retain 25 percent ownership. The transaction includes an additional earn-out payment in 2023 of up to EUR 100 million to selling shareholders based on meeting certain milestones and as part of the transaction, Aker Horizons will acquire 50 percent of superconducting technology company SuperNode. The Transaction is expected to close in Q2 2021, subject to customary closing conditions, including regulatory approvals, as well as approvals from Mainstream's creditors.

Slaughter and May worked as part of an integrated team with BAHR – led by Stig Klausen Engelhart and Lars Kristian Sande – and Frode Strømø, General Counsel of Aker Horizons.