Practice Experience
Mr. Raney has extensive experience in capital markets, mergers and acquisitions (M&A) and private equity markets in South and southern Africa. He practises out of the Johannesburg office of White & Case.
Steve has a great personal interest in corporate environmental law and has done much of the ground-breaking work in regard to the commercialisation of state-owned nature conservation assets as well as the development of the eco-tourism market in South and southern Africa. For many years he has achieved consistent international recognition for outstanding work in M&A, Environmental Law, and Energy Law.
Recent Transactional Experience:
Mergers and Acquisitions
- Advised Inverness Medical Solutions in establishing a South African office and in the acquisition of the business as a going concern of Global Diagnostics CC.
- Advised Saint Gobain Weber on the acquisition, through the South African subsidiary BPB Gypsum (Pty) Ltd, of the grouting and gypsum business, as a going concern of Tylon (Pty) Ltd.
- Advised on the acquisition of the shares and business of various entities in South Africa which owned the fibreglass and thermal insulation business of Owens Corning South Africa (Pty) Ltd.
- Advised Investec Private Equity on its acquisition of Calulo Investments Pty (Ltd).
- Advised Mittal Steel, formerly LNM, on the acquisition and subsequent control of Iscor Limited, now know as Mittal South Africa Limited.
- Representation of Coromandel Fertilizers Ltd, negotiating and preparing a Business Assistance Agreement with the IDC in respect of Foskor Ltd and concluding a strategic share investment agreement and related agreements.
- Advised Grindrod Bank of an acquisition of technology from Net-1Technologies Limited for purposes of a broad-based pensions payment system.
Capital Markets
- Represented underwriters led by BMO Capital Markets in a registered public offering of US$120 million of units consisting of common shares and warrants of Great Basin Gold Limited.
- Represented the Development Bank of South Africa in the issue of a 1 billion ZAR medium-term note.
- Advised WestLB on potential securitisation of off-shore credit receivables.
Private Equity
- Advised RJ Southey management in an MBO.
- Representation of Investec Bank Limited (Private Equity Division) in acquiring the entire business of NCP Chlor Alkali Holdings from Sentrachem Ltd. The transaction also involved the internal restructuring of Chlor Alkali Holdings.
- Assisted Investec Bank Limited (Private Equity Division) in a consortium with Africa Vanguard (Pty) Ltd concerning the acquisition of 100 percent of the shares of PPC Lime Ltd owned by PPC Limited.
- Advised the Department of Communications on issues arising from the sale by Thintana of its strategic equity interest in Telkom Ltd, and on the restructuring of Telkom Ltd's articles of association following that sale.
- Representation of Ethos Private Equity in connection with the buyout and delisting of Fedics Limited and subsequent investment by Nozala (Pty) Limited and Siphumelele Investments (Pty) Limited in a reconstituted Fedics Limited.
- Representation of African Merchant Bank Limited in connection with the delisting and management buyout of Stuttafords Limited.
- Advised the management of a financial services subsidiary of Gensec Limited in a leverage buyout.
- Advised management of Metsep SA in a leverage buyout involving Corvest, a division of Rand Merchant Bank Limited.
- Advised JCI Projects management in respect of an MBO.
Corporate Environment Law
- Advised on and prepared partnership, management and traversing agreements for Thornybush Game Reserve.
- Advised BOE Merchant Bank in connection with the re-establishment of Dongola.
- Opposed the development of a resort at the Skeerpoort Vulture Colony.
- Prepared the use-rules for the Millstream Trout Fishing Resort.
- Prepared conservation and management agreements and hunting agreements for Kuduland Safaris.
- Advised United Touring International in connection with the proposed Songimvelo Development in Mpumalanga.
- Advised on the structure of Hog Farms private game reserve initiative between African Mining and local communities.
- Restructured the Bush Pigs Environmental Education Centre.
- Consultant to the Gauteng Provincial Government's Agriculture, Conservation and Environment Department in regard to the North-Eastern Gauteng Initiative.
- Advised Mpumalanga Parks Board in connection with traversing and lease agreements, hunting permits, legislative reviews, advising on land claims, structuring of eco-tourism joint-venture companies between Mpumalanga Parks Board and the Dolphin Group. Further advised on the establishment of regional conservation forums in respect of Swaziland, Mozambique and the Mpumalanga Province, drafting and structuring of partial privatisation of certain reserves, management of mining activities within nature areas and lease agreements relating to the settlement of communities in the Blyde River Canyon Nature Reserve.
- Reviewed and advised on the development proposal in respect of Diggers Valley / Blyde River Canyon / Pilgrims Rest.
- Advised on the acquisition of a number of Welgevonden Game Reserve properties.
- Advised on the application for a road closure to consolidate the Kapama and Thornybush Game Reserves.
- Advised Londolozi with regard to timesharing in the Sabi Sand Game Reserve.
- Advised the Warthog Wallow Trust (landowners of Sabi-Sabi) on the ongoing relationship between them and an eco-tourism operator, and on aspects of the constitution of the Sabi Sand Game Reserve with regard to the imposition of bed levies.
- Established the African Gamebird Reserve and Educational Development Trust in Namibia.
- Advised the Lissitaba Share Block Company on the legalities of biosphere reserves and traversing rights with the adjacent Harmony Game Farm.
- Prepared pre-paid accommodation agreements for The Conservation Corporation Limited.
- Advised on the restructuring of the Save Valley Conservancy in Zimbabwe.
Eco-tourism Projects
- Advised the Government of the Northern Province and the Development Bank of South Africa as outside legal counsel in connection with the commercialisation of the Manyeleti Game Reserve and the Letaba Ranch Game Reserve.
- Advised the South African National Parks on the partial commercialisation of nine concession areas in various parks in South Africa and is now assisting South African National Parks in the second phase of the commercialisation process involving further concessions and the outsourcing of all the restaurants and shops in the national parks system.
- Advising the Greater St. Lucia Wetland Park Authority on the entire commercialisation process for the Greater St. Lucia Wetland Park.
- Acts on retainer for South African National Parks on an indefinite basis.
Corporate Law
- Prepared the joint-venture documentation for the establishment of a joint venture between Western Areas Limited and Placer Dome Incorporated.
- Represented Warner Brothers in the consortium that successfully obtained the first free-to-air television licence.
- Restructured Pharmacia and Upjohn in South Africa.
- Restructured Randleases Properties Limited and Goldfields Properties Limited, two listed property loan stock companies.
- Prepared the documentation for the outsourcing of the entire information technology divisions of Sasol, Mossgas and South African National Parks.
- Advised JCI Venture Projects (Pty) Limited on the establishment of a tax driven free trade zone in Mozambique.
- Advised New Africa Opportunity Fund on the acquisition of the domain name Africa Dot Com.
- Advised New Africa Opportunity Fund on their strategic investment and shareholders agreement in respect of ABN, a Mauritian based African broadcasting network.
- Assisted in the sale of a 3 percent stake of Telkom Ltd to Ucingo (Pty) Ltd.
- Advised African Merchant Bank on debt investment of Pamodzi (Pty) Ltd in the bank.
- Assisted Aquila Private Equity Fund in scheme of arrangement in respect of Redgwoods Limited.
- Advised Elexir Technologies Limited on the sale of non performing subsidiaries and business units.
- Advised Alliance on debt restructuring of McCarthy Motor Holdings.
- Advised Fitness Holdings in regard to possible investment in LeisureNet.
- Assisted John Deere in local investment in Bell Equipment.
- Appointed by SA Treasury to assist in the preparation of standard Concession Contracts for eco-tourism projects.
Power
- Advising Eskom regarding the procurement of about 300 MW energy from a proposed waste gas fired cogeneration facility to be located in the Province of Mpumalanga in South Africa.
- Advising Eskom Holdings Limited, as off taker and distribution system operator, regarding two co generation power projects for new base load capacity in Gauteng Province, South Africa.
- Advising Eskom regarding its Pilot National Cogeneration Programme for the procurement of 900 MW of energy from cogeneration power facilities in South Africa.
- Advising Eskom as energy off taker, transmission system owner and system operator in connection with two independent power projects for new peaking capacity (totalling 1000 MW) which projects were awarded to AES Sirrocco by the Department of Minerals and Energy following a tender process.
- Advising Eskom regarding the proposed integrated "Kudu" gas to power project in Namibia for the off-take of power from a new gas-fired power plant in Namibia and the import of gas to two Eskom CCGT plants in Atlantis, South Africa, from the Kudu gas fields off the coast of Namibia.
- Advised the Government of Rwanda regarding the Kibuye Power Project for the development of gas production plant at Lake Kivu in the west of Rwanda and an independent power project for a gas-fired power plant.
Mining
- Represented Western Areas in a joint venture with Placerdome in respect of South Deep Mine.
- Former trustee of PPC Environmental Trust and the Mawenzi Mining Rehabilitation trust.
- Acted for JCI in the Western Areas merger.
- Acted for Southern Prospecting in numerous acquisitions of mine dumps.
- Represented Samancor in sale of assets of manganese plant to a foreign investor.
- Participated in due diligence of acquisition of nickel deposit in Zambia for foreign investor who acquired same from Anglo Vaal.
- Represented Lydenburg Exploration Company in establishing prospecting contracts.
- Conducting due diligence on Great Basin Reserves.
- Represented Newmont Mining in a failed acquisition of a South African asset.
- Represented JCI in Mozambique Iron Ore project.
- Represented JCI in the merger of Buffelsfontein mine.
- Represented Meridian in acquisition and financing of President Steyn Gold Mine.
- Acted for Anglo Platinum in numerous mining related agreements relating to the PP Rust Mine.
- Represented Vanadium Products in the acquisition of the vanadium business out of Highveld Steel and Vanadium.
- Represented Mittal Steel in respect of their iron ore supply agreement.
- Represented Investec in the failed acquisition of PPC Lime.
- Represented Vulisango in the acquisition of a minority interest in Lafarge and reviewed contract mining arrangement.
- Reviewed and commented on numerous mining authorisations for Anglo Platinum
- Advised Sasol in respect of coal mining operations at Boschendaal.
- Represented Hippo Quarries in EIA dispute relating to the Honeydew quarry.
- Represented Transvaal Silica in the sale of the Silica deposit.
- Represented Holcim in the sale of business of its South African operations including the drafting of four contract mining agreements.
BEE
- Advised Holcim (Switzerland) and the AfriSam Consortium (Pty) Limited in a subscription for preference shares in AfriSam Consortium (Pty) Limited by the Public Investment Corporation in an amount of 4.1 billion ZAR which was used by AfriSam Consortium (Pty) Limited to redeem outstanding loan notes due to Holcim in an equivalent amount. The transaction also involved a share swap by Holcim whereby it swapped its 15 percent indirect investment through a wholly owned subsidiary of AfriSam Consortium (Pty) Limited directly into AfriSam Consortium (Pty) Limited.
- Advised Swiss international group, Holcim, on all aspects of its US$2.2 billion black-economic-empowerment transaction. In addition, assisted Holcim and the newlycreated purchaser of the SA business, AfriSam, in establishing 10 billion ZAR senior bridge loan facility and 3 billion ZAR PIK bridge loan facility, preparing offering memoranda and subsequent rollover indenture in respect of both the senior bridge facility and the PIK bridge facility.
- Representation of Vulisango (Pty) Ltd, a Black Empowerment Company , in acquiring a strategic stake in Lafarge Aggregates SA (Pty) Ltd and five quarries operated by Lafarge.
- Representation of Investec Bank Limited (Private Equity Division) in the introduction of a Black Economic Empowerment partners in NCP Chlor Alkali Holdings from Sentrachem Ltd.
- Representation of Vulisango (Pty) Ltd, a Black Empowerment Company , in acquiring a strategic stake in Continental Tyres (Pty) Ltd.
Bars and Courts
High Court of South Africa
Education
Higher Diploma in Tax Law, University of the Witwatersrand, Johannesburg, 1992 LLB, Stellenbosch University, Cape Province, 1982 BA, Stellenbosch University, Cape Province, 1980
Professional Associations and Memberships
The Law Society of the Northern Provinces.
Accolades
Ranked as a leading lawyer in the Legal 500 Europe, Middle East and Africa 2009 for Corporate and M&A, Johannesburg: South Africa
Top ranking as a leading lawyer in PLC Which Lawyer rankings 2009 in the Environmental Sector: South Africa
Highly recommended as a leading individual in PLC Which Lawyer rankings 2009 in the Energy Sector: South Africa
Languages
English Afrikaans
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