Freshfields and Hammond Suddards are powering up to advise on two transatlantic energy deals. Freshfields is advising PowerGen on the u1.3bn sale of two power stations and Hammond Suddards is handling a u3m US acquisition for East Yorkshire-based Europower.
Freshfields finance partner Charles July is leading the team for the Powergen disposal, which will hand over two of the UK's largest coal-fired power plants to Mission Energy, an international arm of Californian energy group Edison International. The move will reduce PowerGen's market share by 3 per cent to 15 per cent and represents one element of its push to take over the power supply of East Midlands Electricity. “We were asked by the Government to dispose of 400 mega watts of coal-fired plant to get the go-ahead with the purchase of East Midlands Electricity,” explains a spokesman.
Hammond Suddards partner Ian Greenfield says he is delighted with Europower's acquisition of Voss, the main US distributor of its products, based in Cleveland, Ohio. “This international expansion presents further exciting opportunities,” he says.
Europower shareholders will vote on the acquisition on 12 May.