Law firm quartet help energise Npower's subsidiary sell-off
Nabarro and Bond Dickinson are among the quartet of firms winning roles on the sale of Npower's energy subsidiaries to rival Telecom Plus. Telecom Plus, which trades as Utility Warehouse, is set to buy two energy companies, Electricity Plus Supply and Gas Plus Supply from Npower, which is owned by RWE, in a transaction valued at £218m.
November 25, 2013 at 02:28 AM
2 minute read
Nabarro and Bond Dickinson are among the quartet of firms winning roles on the sale of Npower's energy subsidiaries to rival Telecom Plus.
Telecom Plus, which trades as Utility Warehouse, is set to buy two energy companies, Electricity Plus Supply and Gas Plus Supply from Npower, which is owned by RWE, in a transaction valued at £218m.
Telecom Plus will take over the contracts to supply gas and electricity to 770,000 accounts as part of the deal. The transaction includes a 20-year energy supply agreement between the two companies.
Nabarro is advising Telecom Plus with a team led by corporate partner Iain Newman, and featuring fellow corporate partner Jeremy Phillips, banking partner Andrew McLean, competition partner Brian Sher and energy partner Tom Bainbridge.
Bond Dickinson is representing Npower, fielding corporate partner Simon Hewes, oil and gas partner Chris Towner and banking partner Philip Withey.
Newman said: "We have worked with Telecom Plus since 1997 and have seen the company go from strength to strength. "Competition is alive and well in the energy sector with today's announcement showing we are well on our way to having a Big 7 rather than a Big 6."
The deal will be financed through a £130m share placing underwritten by Peel Hunt. Telecom Plus will also draw down around £100m from a new debt facility agreed with Barclays.
Travers Smith corporate partner Richard Spedding is leading the team acting for Peel Hunt on the deal, with City-based US partner Charles Casassa providing US securities law advice.
Barclays is instructing Osborne Clarke banking associate director Tom Bussy, whose team includes corporate associate director Louise Grzasco.
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