Paul Weiss Advises on Blackstone-Led $200 Million Oatly Deal

New York-based law firm Paul, Weiss, Rifkind, Wharton & Garrison advised Blackstone Group on a $200 million investment by the private equity firm, along with a group of celebrities, in Swedish oat-milk maker Oatly AB, Blackstone said.

Oprah Winfrey, Jay-Z, and Natalie Portman, joined Blackstone in the deal, along with former Starbucks Corp. CEO Howard Schultz and Rabobank Group’s investment arm, the PE firm said Tuesday.

Malmo, Sweden-based Oatly says its products—sustainable, plant-based dairy alternatives—are available in over 50,000 locations in 20 countries.

Blackstone, which has $538 billion in assets under management, said the investment will help support the brand’s plans to expand in current markets and establish new production plants in the U.S., Europe, and Asia. The idea is to bring production closer to health and environmentally conscious consumers, the company said.

Bloomberg News reported that Oatly will have a $2 billion valuation after the investment.

Oatly said White & Case was its Swedish counsel, while Latham & Watkins advised it in the U.S.