TechnipFMC plc (NYSE: FTI) (Paris: FTI) has announced that its Board of Directors has unanimously approved its plan to separate into two industry-leading, independent, publicly traded companies: RemainCo, a fully-integrated technology and services provider, continuing to drive energy development; and SpinCo, a leading engineering and construction (E&C) player, poised to capitalize on the global energy transition. The transaction is expected to be structured as a spin-off of TechnipFMC’s Onshore/Offshore segment to be headquartered in Paris, France.
Latham & Watkins LLP represents TechnipFMC in the transaction with a cross-border corporate deal team led by Chicago partner Christopher Drewry, Houston partners Ryan Maierson and Jesse Myers, Paris partners Patrick Laporte and Alexander Crosthwaite, and London partner Edward Barnett, with Washington, D.C. litigation & trial partner Douglas Greenburg, and with assistance from Chicago corporate partner Mark Gerstein. The corporate associate team includes Houston associates Thomas Verity, Bryan Ryan, Andrew Tengler-West, and Rebecca Kendall; Paris associates Simon Lange, Noémie Lopes-Lemière, and Philippe Tesson; and London associates Anna Ngo, Jonathan Ritson-Candler, and Harry Redford.
Advice was also provided on tax matters by Los Angeles partner Laurence Stein, Washington, D.C. partner Nicholas DeNovio, Paris partner Xavier Renard, and London partner Sean Finn; on employee benefits matters by Chicago partner Robin Struve, Paris partner Matthias Rubner, and London counsel Sarah Gadd; and on intellectual property matters by New York partner Jeffrey Tochner.