September Partnership Conversation: Aligning Incentives and Managing Misalignments

A conversation with Yoga Anand and Darryl Wong.

Authored By

Yoga Anand

Darryl Wong

Shishir Bhargava

We hosted a session with Darryl Wong, Head of Venture Management from Neste, and Yoga Anand, Business Development Manager from Marathon Petroleum, regarding a recent JV transaction they negotiated – Martinez Renewables Fuels JV (a 50-50 JV between Neste and Marathon Petroleum).

During the session we covered a number of topics and tools related to aligning incentives and preventing misalignments including:

  • Introductions – 0:00 to 5:44
  • About Martinez Renewable and Its Complexity – 5:45 to 9:45
  • Deal Process and Challenges – 9:46 to 16:07
  • Aligning Divergent Incentives and Valuation – 16:08 to 22:39
  • Managing Misalignments – 22:40 to 30:00
  • Scenario Planning and Legal Agreements – 30:01 to 34:09
  • Advise for Deal Makers – 34:10 to 40:00
  • Other Tips – 40:00 to 45:00

Give us a shout out if you want to continue the conversation.

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We understand that succeeding in joint ventures and partnerships requires a blend of hard facts and analysis, with an ability to align partners around a common vision and practical solutions that reflect their different interests and constraints. Our team is composed of strategy consultants, transaction attorneys, and investment bankers with significant experience on joint ventures and partnerships – reflecting the unique skillset required to design and evolve these ventures. We also bring an unrivaled database of deal terms and governance practices in joint ventures and partnerships, as well as proprietary standards, which allow us to benchmark transaction structures and existing ventures, and thus better identify and build alignment around gaps and potential solutions. Contact us to learn more about how we can help you.

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About the Authors

Yoga Anand

Darryl Wong

Shishir Bhargava

Shishir Bhargava is a Managing Director at Ankura based in Washington, DC. He advises clients on transactions and their post-deal governance in the energy, natural resources, and technology sectors. His transaction experience includes developing deal strategies, screening investments, structuring and restructuring joint ventures, and minority equity investments. He also helps companies build transaction capabilities and negotiate better outcomes. Prior to Ankura, Shishir worked at IBM where he led JV and partnership deals and at Hero MotoCorp of India, the world’s largest motorcycle manufacturer, which was established as a joint venture with Honda Motorcycles of Japan.

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