Gibson Dunn nets £470m gas sale

Gibson Dunn & Crutcher advised long-standing client, First Reserve Corp on the £470m sale of UK natural gas producer Caledonia to German power company Eon.

Caledonia’s 14bn cubic metres of reserves and pipeline shares were acquired for cash and assumed debt by Eon, which has also expressed interest in acquiring ScottishPower.

The London office of LeBeouf Lamb Greene & MacRae advised Eon. LeBeouf Lamb London partner Chris Prior is understood to have taken the instructions.

US-based Gibson Dunn has a long-standing relationship with First Reserve. Corporate and securities partner Judith Shepherd acted in this instance.

“The firm in the US has done a lot of work for them, and we have to compete for work, but I would expect that we win a fair old chunk,” Shepherd said.

“We have done a few deals with them in Europe, and they are interested in doing more. They have a London office now and are looking at a number of deals.”