Milbank LLP advised Advent International (“Advent”) on an agreement with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) according to which ADIA will invest in, and become a significant shareholder of, the Austrian energy solutions provider INNIO. The consummation of the transaction is, inter alia, subject to customary regulatory approvals. Advent will continue to be the majority owner of the company.
Advent is one of the largest and most experienced global private equity investors. The firm has invested in over 410 private equity investments across 42 countries, and as of March 31, 2023, had $95 billion in assets under management. Advent focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology.
Under Advent’s stewardship, INNIO has transformed from a leading provider of reciprocating engines for the conversion of gaseous input fuels to a green technology pioneer, delivering innovative energy solutions and services for the power generation, heating, cooling and compression segments. With its product brands Jenbacher and Waukesha and its digital platform myPlant, INNIO offers innovative solutions for the power generation and compression segments that help industries and communities generate and manage energy sustainably while navigating the fast-changing landscape of traditional and green energy sources.
The Milbank team that advised Advent on corporate/M&A and tax aspects of the transaction was led by partner Norbert Rieger, special counsel Andrea Eggenstein and partner Sebastian Heim (all Corporate/M&A) and included partners Alexander Rinne (Antitrust) and Rolf Füger (Tax), as well as special counsel Michael Pujol (Corporate/M&A) and Moritz Lichtenegger (Antitrust) and associates Julian Jaschinski (Corporate/M&A), Arne Hammerich (Tax), Pascal Härdtner, David Schwenneker (both Corporate/M&A), Elisabeth Wöhrle (Tax) and Nils Bremer (Antitrust), as well as transaction lawyer Antonia Fichtner (Corporate/M&A).
