White & Case advises Occidental Petroleum, NET Power LLC’s largest shareholder, on Net Power’s US$1.459 billion business combination with Rice Acquisition Corp. II

Global law firm White & Case LLP has advised Occidental Petroleum (NYSE: OXY), NET Power LLC's largest shareholder, on Net Power's agreement to combine with Rice Acquisition Corp. II (NYSE: RONI), a special purpose acquisition company, under which Net Power will become a publicly traded company.

Upon closing, the combined company will be named NET Power Inc. and be listed on the NYSE under the ticker symbol NPWR. The transaction values Net Power at a pro forma enterprise value of US$1.459 billion.

The White & Case team was led by Capital Markets partner A.J. Ericksen and M&A partner Emery Choi (both in Houston). The team also included Tax partner Scott Fryman and associate Adriana Zhan (both in New York), Technology Transactions partner Burr Eckstut (New York) and associate Nashel Jung (New York), Employment, Compensation & Benefits partner Victoria Rosamond (New York), Capital Markets associate Rachel Collier and Project Development and Finance associate Clint Farha (both in Houston). Law clerk Stanley Yu also assisted on the matter.

Since 2020, White & Case's SPAC team has led more 50 SPAC business combinations valued at more than US$90 billion.

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