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published
AUGUST
28,
2011 |
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Norton
Rose
advises
Vattenfall
on
the
sale
of
its
Polish
assets |
|
Norton Rose Piotr Strawa and Partners, LP
has provided comprehensive legal advice to Vattenfall AB on
the sale of 99.98 per cent of shares in Górnośląski Zakład
Elektroenergetyczny S.A. (GZE) to TAURON Polska Energia S.A.
(TAURON), one of Poland’s leading power companies, and the
sale of Vattenfall Heat Poland S.A. (VHP) to Polskie
Górnictwo Naftowe i Gazownictwo S.A. (PGNiG), one of
Poland’s leading oil and gas companies. The share purchase
agreements were signed on 23 August 2011. The closing of
both transactions is dependent upon TAURON and PGNiG
obtaining clearance for the transactions from the Polish
Antimonopoly Authority.
As a result of the transaction TAURON will purchase GZE’s
operations consisting in the distribution of electricity and
its sale to end customers, the provision of grid services,
the generation of electricity at the Zagórze wind farm as
well as the provision of services by its shared services
centre. The total value of the transaction is PLN 4.6
billion.
PGNiG will in turn purchase all the operations of VHP,
including CHP Żerań, CHP Siekierki and CHP Pruszków, as well
as HP Kawęczyn and HP Wola. The total installed capacity of
the heat plants and the combined heat and power plants is
equal to 4,800 MWt and 980 MWe. The total value of the
transaction is PLN 3 billion.
Norton Rose Piotr Strawa and Partners, LP advised Vattenfall
especially on the preparation of individual companies for
sale, the vendor due diligence process, the negotiation
process and the drafting of the share purchase agreements.
Vattenfall is one of Europe’s leading electricity and heat
producers. GZE is the largest supplier of electricity in
Upper Silesia, Poland, whereas Vattenfall Heat Poland
operates the country’s largest cogeneration business.
Rafał Hajduk, Head of Energy at the Warsaw office of Norton
Rose Group, said: “The sale by Vattenfall of its Polish
assets is a transaction that is of immense importance to the
Polish energy market and is yet another example of our
cooperation with the biggest players in this sector that
reflects the global strategy of Norton Rose Group.”
The Norton Rose Piotr Strawa and Partners, LP team was
comprised of Rafał Hajduk (Head of Energy at the Warsaw
office of Norton Rose Group), Agnieszka Stankiewicz and
Jason Moss (partners in the M&A teams), Artur Jończyk (of
counsel in the M&A team) and lawyers from the Energy and
Corporate teams in Warsaw, and supported by Christian
Filippitsch (partner) and lawyers from the Competition team
in Brussels.
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