Latham & Watkins Advises Velan Inc. in Asbestos Divestiture Transaction

Velan Inc. (TSX: VLN), a world-leading manufacturer of industrial valves, has announced the successful completion of the permanent divestiture of its asbestos-related liabilities to an affiliate of Global Risk Capital at a cost to the company of approximately US$143 million. Originally announced on January 14, 2025, the Asbestos Divestiture Transaction marks a significant step in Velan's strategic financial realignment.

Latham & Watkins LLP represents Velan in the transaction with a Restructuring & Special Situations team led by Los Angeles partners Jeff Bjork and Helena Tseregounis and counsel Chris Craige, with Chicago partner Jason Gott and associates Madeleine Parish and TJ Li, and a Corporate team led by Chicago partner Zachary Judd, with associates Dalton Powell, Alice Bradshaw, Gabriella Badmus, and Leah Beukelman. Advice was provided on litigation matters by Los Angeles partner Amy Quartarolo; on finance matters by Los Angeles partner Mark Morris and counsel Jonathan Shih, with associates Julia Steinberg, and Olivia Horbowy; on tax matters by Chicago partner Joseph Kronsnoble, with associate Derek Gumm; on government contracting/regulatory matters by Washington D.C. partners Dean Baxtresser, Damara Chambers, and Andrew Galdes, with associates Eric Green, Genevieve Hoffman, and Monica Calce; on real estate matters by counsel Jeffrey Anderson, with associate Moshe Friedland; on intellectual property matters by New York partner Jeffrey Tochner, with associate Sebastian Moss; on labor and benefits matters by Chicago partners Benjamin Rosemergy and Nineveh Alkhas, with associates Yoojin DeNiro, and Victoria Wolfe; on environmental matters by Washington D.C. partner Julia Hatcher, with associate Casey Kirk; and on insurance matters by San Diego partner Drew Gardiner.