Deal Corner
February 24, 2021
ReNew Power to go public on NASDAQ via merger with a US SPAC, RMG Acquisition Corporation II in USD 8 Billion Transaction

DEAL BRIEF

ReNew Power Private Limited, India’s leading pure-play renewable energy producer, and RMG Acquisition Corporation II (RMG II), a special purpose acquisition company, have executed a definitive business combination agreement that would result in ReNew becoming a publicly listed company on the NASDAQ, at an enterprise value of USD 8 bn. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions.

ReNew's existing shareholders, who together own 100 per cent of ReNew today, will be rolling a majority of their equity into the new company, ReNew Energy Global PLC. The combined group will have around USD 4.4 bn in market cap and USD 1.2 bn in estimated gross cash proceeds. On deal closing, ReNew Energy Global PLC would be listed under the symbol ‘RNW’ on NASDAQ.

OUR ROLE

Nishith Desai Associates acted as legal and tax counsel to ReNew Group.

PRESS COVERAGE

News and media reports related to the deal:

https://www.livemint.com/companies/news/renew-power-announces-rmg-acquisition-merger-for-nasdaq-listing-11614174788505.html

https://www.businesswire.com/news/home/20210224005431/en/ReNew-Power-India%E2%80%99s-Leading-Renewable-Energy-Company%C2%A0to-Publicly-List-through-Business-Combination-with-RMG-Acquisition-Corporation-II-in-8-Billion-Transaction

https://www.businesstoday.in/current/corporate/goldman-backed-renew-power-to-list-on-nasdaq-via-8-billion-spac-deal/story/432260.html

https://www.dealstreetasia.com/stories/renew-power-us-listing-227757/

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Deal Corner

February 24, 2021

ReNew Power to go public on NASDAQ via merger with a US SPAC, RMG Acquisition Corporation II in USD 8 Billion Transaction

DEAL BRIEF

ReNew Power Private Limited, India’s leading pure-play renewable energy producer, and RMG Acquisition Corporation II (RMG II), a special purpose acquisition company, have executed a definitive business combination agreement that would result in ReNew becoming a publicly listed company on the NASDAQ, at an enterprise value of USD 8 bn. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions.

ReNew's existing shareholders, who together own 100 per cent of ReNew today, will be rolling a majority of their equity into the new company, ReNew Energy Global PLC. The combined group will have around USD 4.4 bn in market cap and USD 1.2 bn in estimated gross cash proceeds. On deal closing, ReNew Energy Global PLC would be listed under the symbol ‘RNW’ on NASDAQ.

OUR ROLE

Nishith Desai Associates acted as legal and tax counsel to ReNew Group.

PRESS COVERAGE

News and media reports related to the deal:

https://www.livemint.com/companies/news/renew-power-announces-rmg-acquisition-merger-for-nasdaq-listing-11614174788505.html

https://www.businesswire.com/news/home/20210224005431/en/ReNew-Power-India%E2%80%99s-Leading-Renewable-Energy-Company%C2%A0to-Publicly-List-through-Business-Combination-with-RMG-Acquisition-Corporation-II-in-8-Billion-Transaction

https://www.businesstoday.in/current/corporate/goldman-backed-renew-power-to-list-on-nasdaq-via-8-billion-spac-deal/story/432260.html

https://www.dealstreetasia.com/stories/renew-power-us-listing-227757/

Disclaimer

We expressly clarify that this communication is not a solicitation or an invitation of any sort whatsoever from Nishith Desai Associates or any of its members to create an attorney-client relationship. This communication is not intended to be a source of advertising and the recipient should always seek the advice of competent counsel licensed to practice in the recipient's country/state.

This is not a Spam mail. You have received this mail because you have either requested for it or someone must have suggested your name. Since India has no anti-spamming law, we refer to the US directive, which states that a mail cannot be considered Spam if it contains the sender's contact information, which this mail does. In case this mail doesn't concern you, please unsubscribe from mailing list.

NDA Connect

Connect with us at events, 
conferences and seminars.