Electricite de France (EDF) is set to acquire 100 per cent ownership of London Electricity from Entergy Corporation for a cash payment of u1.39bn, advised by international law firm Denton Hall.
Anthony Alexander, partner in the corporate group and joint leader of the purchase, commented: “Denton Hall has advised on a number of acquisitions of regional utility companies. Entergy chose to sell London Electricity by means of a controlled auction, making this an exciting and fast-moving transaction. We are pleased to have played a key part in helping EDF with the auction process.”
EDF is one of the world's largest utilities, with 1997 revenues of u20.3bn. It was established in 1946 as an integrated public corporation and is a major international player with significant positions around the world.
Entergy Corporation acquired London Electricity in 1997, a purchase that brought its annual turnover up to u1.25bn.
Members of Denton Hall who took part included energy and infrastructure partner Tom Winsor, who was responsible for regulatory and other electricity aspects, plus David Aitman and Polly Weitzman, assisted by Gillian Sproul, who advised on competition aspects. Entergy was advised by Slaughter and May corporate partner Martin Hattrell, and Gary Eaborn.