Magic circle firms lead on €8.5bn energy buyout
Linklaters and A&O have won roles on an €8.5bn (£7.4bn) energy buyout, a deal which marks the latest evidence of consolidation in the European utilities market. The magic circle firms have taken scored roles on Swedish utilities company Vattenfall's bid for Dutch energy company Nuon, which was announced this week (23 February).The deal is expected to close in the second quarter of this year subject to regulatory approval, with Swedish Government-owned Vattenfall initially taking a controlling 49% stake before taking over the remainder of the company over a six-year period.
February 25, 2009 at 09:01 AM
2 minute read
Linklaters and Allen & Overy (A&O) have won roles on an €8.5bn (£7.4bn) energy buyout, a deal which marks the latest evidence of consolidation in the European utilities market.
The magic circle firms have taken scored roles on Swedish utilities company Vattenfall's bid for Dutch energy company Nuon, which was announced this week (23 February).
The deal is expected to close in the second quarter of this year subject to regulatory approval, with Swedish Government-owned Vattenfall initially taking a controlling 49% stake before taking over the remainder of the company over a six-year period.
Linklaters advised Vattenfall led by Amsterdam-based corporate partner Peter Goes. The firm's London office also took a significant role with two banking partners advising: Jeremy Stokeld on financing and Olga Petrovic on cross-border leases. Linklaters' Stockholm office advised on competition with a team led by managing associate Natasha Lindstedt.
In A&O's Amsterdam office, global co-head of corporate Jan Louis Burggraaf and corporate partner Tim Stevens led the team advising Nuon.
US firm Covington & Burling advised Nuon on cross-border leases with a team led by New York-based finance partner Ira Palgon.
Herbert Smith's Dutch ally Stibbe also took a minor role, advising Nuon's largest shareholder, the Province of Gelderland, which owns a 45% stake in the Dutch company.
This is the second major takeover deal in the Dutch energy market this year after German utility giant RWE took over Dutch rival Essent last month in a €9.3bn (£8.1bn) deal. Norton Rose took the lead role advising RWE while Freshfields Bruckhaus Deringer advised the target.
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