Hogan Lovells advises IFC EBRD and PFR on a USD$290 million equity investment in Elemental Holding

Hogan Lovells advises IFC, EBRD and PFR on USD$290 million equity investment in Elemental Holding

Press releases | 24 January 2023

London, Washington, D.C., Luxembourg and Hamburg, 24 January 2023 - Global law firm Hogan Lovells has advised a group of international financial institutions comprising of International Finance Corporation (“IFC”), European Bank for Reconstruction and Development (“EBRD”) and Polish Development Fund S.A. (“PFR”) on their USD$290 million equity investment in Elemental Holding SA (“Elemental”), a global urban mining and recycling company originating in Poland, with headquarters in Luxembourg.

The equity investment will be used by Elemental to accelerate its global acquisition strategy and to fund its pipeline of growth projects which include constructing a state-of-the-art production facility in Southern Poland.

IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets and works in more than 100 countries.  In 2022, IFC committed a record US$32.8 billion to private companies and financial institutions in developing countries.  

EBRD promotes the development of sustainable, private sector-led economies in central and eastern Europe, Central Asia and North Africa.  The EBRD is owned by 71 shareholder governments, the European Union and the European Investment Bank.  

PFR is a Polish financial group which offers instruments supporting the development of companies, local governments and individuals, and invests in sustainable social development and national economic growth.  

The transaction highlights Hogan Lovells’ experience advising developmental, governmental and multilateral finance institutions on complex transactions in particular in emerging markets.

The Hogan Lovells team was led by Cees Brouwer (counsel), supported by Sarah Shaw (partner), Claire Macpherson (associate) and Olivia Wallwork (associate).  Alexander Koch (partner), Benoit Serraf (counsel) and Kelly Quesada Vega (associate) advised on Luxembourg law, Tomasz Zak (counsel), Piotr Kwasiborski (senior associate) and Tomasz Pietrzak (senior associate) advised on Polish law, Thomas Hechl (partner) and Tricia Duffy (senior associate) advised on U.S. law and Alexander Koch (partner) and Joy Baur (senior associate) advised on German law.  Angus Coulter (partner), Alice Wallace-Wright (partner) and Juliette Parkinson (associate) advised on anti-trust laws.