Chevron’s $3.15 Billion Acquisition of Renewable Energy Group

Paul, Weiss, Rifkind, Wharton & Garrison and Shearman & Sterling represented Chevron, while Latham & Watkins represented Renewable Energy Group in the transaction.

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) have announced a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at US$3.15 billion, or US$61.50 per share. The acquisition combines REG’s growing renewable fuels production and leading feedstock capabilities with Chevron’s large manufacturing, distribution, and commercial marketing position.

Chevron is one of the world’s leading integrated energy companies. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and the industry.

Renewable Energy Group is leading the energy and transportation industries’ transition to sustainability by converting renewable resources into high-quality, sustainable fuels. REG is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. REG utilizes a global integrated procurement, distribution, and logistics network to operate 11 biorefineries in the U.S. and Europe. 

Goldman Sachs & Co. LLC acted as financial advisor to Chevron. Guggenheim Securities, LLC acted as financial advisor to REG.

The Paul, Weiss team included corporate partners Kyle Seifried (Picture), Scott Barshay, Caith Kushner, John Kennedy and Manuel Frey, counsel Patricia Vaz de Almeida, Jason Tyler and Frances Mi; tax partners Brian Krause and Jeffrey Samuels, counsel Kevin Colan, and Alyssa Wolpin; executive compensation partner Larry Witdorchic; intellectual property partner Claudine Meredith-Goujon; environmental counsel William O’Brien; and real estate partner Peter Fisch.

The Shearman & Sterling team included David A. Higbee, Ben Gris, Jonathan Cheng, Brian Hauser, Noni Nelson and Krista Koskivirta.

Latham & Watkins LLP represented REG in the transaction with a corporate deal team led by Chicago partners Bradley Faris and Mark Gerstein and New York partner David Owen, with associates Sean Parish, Aidan Milstead, Andrew James, Micah Kamoe, Autumn Schmidt, and Jay Trewn. Advice was also provided on capital markets and SEC matters by Century City partner Brent Epstein, Chicago partner Roderick Branch, and Washington, D.C. partner Joel Trotter, with associate Andrew Rutsky; on benefits and compensation matters by Los Angeles partner Michelle Carpenter, with associates Aaron Tso and Vanessa King; on intellectual property matters by New York partner Jeffery Tochner, with associate Victoria McGrath; on environmental matters by New York partner Jean-Philippe Brisson, with associates Benjamin Einhouse and Donna Chen; on tax matters by Chicago partner Diana Doyle and New York partner Eli Katz, with associate Michael Zucker; on finance matters by San Diego partner Omar Nazif, Washington, D.C. counsel Christopher Dolan, and San Diego counsel Sosi Biricik Klijian, with associate Jim Lambert; on antitrust matters by Washington, D.C. partner Michael Egge and Frankfurt partner Max Hauser, with associates Caitlin Fitzpatrick and Sean Mulloy; on litigation matters by Orange County partner Michele Johnson, with associates Ryan Walsh and Erik Jensen; on real estate matters by San Diego partner Robert Frances; on FCPA matters by Chicago partner Meredith Monroe and Washington, D.C. counsel Andrew Galdes, with associate Joseph Grosser; on foreign direct investment matters by Hamburg counsel Jana Dammann de Chapto; and on data privacy matters by Bay Area counsel Robert Blamires, with associate Kathryn Parsons-Reponte.

Involved fees earner: Sosi Biricik Klijian – Latham & Watkins; Robert Blamires – Latham & Watkins; Roderick Branch – Latham & Watkins; Jean Philippe Brisson – Latham & Watkins; Michelle Carpenter – Latham & Watkins; Jana Dammann de Chapto – Latham & Watkins; Christopher Dolan – Latham & Watkins; Diana Doyle – Latham & Watkins; Michael Egge – Latham & Watkins; Benjamin Einhouse – Latham & Watkins; Brent Epstein – Latham & Watkins; Bradley Faris – Latham & Watkins; Caitlin Fitzpatrick – Latham & Watkins; Robert Frances – Latham & Watkins; Andrew Galdes – Latham & Watkins; Mark Gerstein – Latham & Watkins; Joseph Grosser – Latham & Watkins; Sebastian Max Hauser – Latham & Watkins; Andrew James – Latham & Watkins; Erik Jensen – Latham & Watkins; Michele Johnson – Latham & Watkins; Micah Kamoe – Latham & Watkins; Eli Katz – Latham & Watkins; Vanessa King – Latham & Watkins; Jim Lambert – Latham & Watkins; Victoria McGrath – Latham & Watkins; Aidan Milstead – Latham & Watkins; Meredith Monroe – Latham & Watkins; Sean Mulloy – Latham & Watkins; Omar Nazif – Latham & Watkins; David Owen – Latham & Watkins; Sean Parish – Latham & Watkins; Kathryn Parsons-Reponte – Latham & Watkins; Andrew Rutsky – Latham & Watkins; Autumn Schmidt – Latham & Watkins; Jeffery Tochner – Latham & Watkins; Jayant Trewn – Latham & Watkins; Joel Trotter – Latham & Watkins; Aaron Tso – Latham & Watkins; Ryan Walsh – Latham & Watkins; Michael Zucker – Latham & Watkins; Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Kevin Colan – Paul Weiss Rifkind Wharton & Garrison; Peter Fisch – Paul Weiss Rifkind Wharton & Garrison; Manuel Frey – Paul Weiss Rifkind Wharton & Garrison; John Kennedy – Paul Weiss Rifkind Wharton & Garrison; Brian Krause – Paul Weiss Rifkind Wharton & Garrison; Caith Kushner – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; Frances Mi – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; Jeffrey Samuels – Paul Weiss Rifkind Wharton & Garrison; Kyle Seifried – Paul Weiss Rifkind Wharton & Garrison; Jason Tyler – Paul Weiss Rifkind Wharton & Garrison; Patricia Vaz de Almeida – Paul Weiss Rifkind Wharton & Garrison; Lawrence Witdorchic – Paul Weiss Rifkind Wharton & Garrison; Alyssa Wolpin – Paul Weiss Rifkind Wharton & Garrison; Jonathan Cheng – Shearman & Sterling; Ben Gris – Shearman & Sterling; Brian Hauser – Shearman & Sterling; David Higbee – Shearman & Sterling; Krista Koskivirta – Shearman & Sterling; Noni Nelson – Shearman & Sterling;

Law Firms: Latham & Watkins; Paul Weiss Rifkind Wharton & Garrison; Shearman & Sterling;

Clients: Chevron Corporation; Renewable Energy Group;