SK Ecoplant’s $1 Billion Acquisition of TES

Hogan Lovells advised Navis Capital, while Dechert advised SK Group on the deal.

The acquisition of TES is a milestone for SK ecoplant to become a leader in the growing global sustainable IT lifecycle services market. This acquisition will also maximize synergies that both companies have in battery recycling and plastics innovations.

Headquartered in Singapore, TES has 43 locations in 21 countries across Asia, Europe, the USA, Australia and New Zealand and has been active in Germany since the acquisition of Elektro-Devices Recycling GmbH in Herten (EGR) in 2018. TES provide comprehensive services for technology devices throughout their lifecycle – from deployment to decommissioning, recycling and end-of-life repurposing.  This includes innovating new processes to leverage the value locked in assets if they are to be recycled.

Navis is a leading private equity investment firm which currently manages approximately US$5 billion in public and private equity capital and focuses on investments primarily in and around Asia. Navis contributes both capital and management expertise to a limited number of well-positioned companies with the objective of directing strategic, operational, and financial improvements. Navis has a long and proven track record in pan-Asian private equity, with over 80 control transactions across the Asian region since its establishment in 1998.

Launched in 1977 under the name SK E&C, SK ecoplant possesses the highest levels of technical skills and construction capacity in sectors such as chemical and power plants, infrastructure, construction, and housing. The company recently set its new goal to become a leading global eco-friendly and new energy company that connects the environment, people, and finance through technology, ultimately contributing to sustainable lives for all. 

The Hogan Lovells team was led by Asia-Pacific Head of Corporate and Finance Stephanie Keen (Picture), with support from counsel Danielle Wu and associate Amelia Lee. 

The Brussels and Frankfurt-based Dechert team that advised SK Group on global merger control aspects and represented it in the clearance process before Germany’s Federal Cartel Office in connection with the acquisition included antitrust/competition partner Clemens Graf York von Wartenburg as well as counsel Michael Okkonen and associates Thirith von Döhren and Isabella Egetenmeir.

Involved fees earner: Clemens Graf York von Wartenburg – Dechert; Isabella Egetenmeir – Dechert; Michael Okkonen – Dechert; Thirith von Döhren – Dechert; Stephanie Keen – Hogan Lovells; Amelia Lee – Hogan Lovells; Danielle Wu – Hogan Lovells;

Law Firms: Dechert; Hogan Lovells;

Clients: Navis Capital; SK Group;