Latham adds two blank check company mergers to M&A lineup - Reuters

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Signage is seen on the exterior of the building where law firm Latham & Watkins LLP is located in Manhattan, New York City, U.S., August 17, 2020. REUTERS/Andrew Kelly

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• Summary
• Law firms

• Firm is advising Voltus, Essentium in SPAC deals
• Skadden, Pillsbury representing SPACs

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(Reuters) - Latham & Watkins is advising electricity market-focused software maker Voltus Inc and 3D-printing business Essentium Inc in a pair of mergers with blank check companies announced on Wednesday.

Latham has advised on mergers involving special purpose acquisition companies worth at least $163.12 billion so far this year, according to data from Refinitiv.

SPACs raise funds through initial public offerings to merge with privately held companies and take them public. Latham ranks No. 1 among the top 25 legal advisors supporting SPAC deals this year, the Refinitiv data shows.

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San Francisco-based Voltus said it was merging with a SPAC called Broadscale Acquisition Corp, in a transaction that values the combined company at $1.3 billion.

The Latham team advising Voltus is led by corporate partners Spencer Ricks, John Chory and Ryan Maierson, as well as counsel Andrew Moosmann, the firm said in an email.

Broadscale turned to Skadden, Arps, Slate, Meagher & Flom, including mergers and acquisitions partners Howard Ellin and Michael Chitwood, and capital markets partner Michelle Gasaway, according to an emailed statement.

Voltus’ financial advisors are Morgan Stanley & Co LLC and Nomura Greentech, who are also serving as placement agents to Broadscale alongside Moelis & Co LLC.

On the Essentium deal, Latham said a corporate team led by partners Jenifer Smith and Nick Dhesi was advising the Texas-based business on its union with Atlantic Coastal Acquisition Corp. The post-merger company is expected to be worth $974 million, Essentium said.

Atlantic Coastal has tapped its IPO advisor, Pillsbury Winthrop Shaw Pittman, for guidance on the combination.

Pillsbury said in an email that corporate partners Stephen Amdur, Bianca Bowen and Stephen Ashley, as well as public policy partner Matthew Oresman are working on the deal. Armdur also heads the firm’s private equity team, and Oresman leads its international public policy practice.

Atlantic Coastal’s financial advisor is Moelis & Co LLC, with Cantor Fitzgerald & Co, BTIG LLC, Needham & Co and Farvahar Capital serving as the SPAC’s capital markets advisors. Essentium’s financial advisor is Jefferies.

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Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes. Reach her at sierra.jackson@thomsonreuters.com

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