White & Case Advises Vattenfall on Sale of 50Hertz Transmission to Elia

Berlin/Düsseldorf,  March 12, 2010 ... Global law firm White & Case LLP, advised Vattenfall Europe AG on its sale of the German regional transmission system operator 50Hertz Transmission GmbH (50Hertz) to Elia System Operator (Elia), the Belgian transmission system operator (TSO), and Industry Funds Management (IFM), one of the largest global infrastructure investment managers.

The agreed enterprise value is Euro 810 million and the parties expect to complete the transaction for 50Hertz in the second quarter of 2010. The transaction is subject to approval by the relevant authorities.

Under the terms of the agreement, IFM will own 40 percent of 50Hertz, and Elia will own the remaining 60 percent stake with operational control.

50Hertz Transmission, a company employing around 600 people, ensures operation, maintenance, planning and demand-based development of the transmission grid. It is responsible for compliant management of the entire electric system in the territories of the German Federal States of Berlin, Brandenburg, Hamburg, Mecklenburg-Western Pomerania, Saxony, Saxony-Anhalt and Thuringia. 50Hertz will be committed to ensuring the continuing integration of renewable energies into the electricity system, and to the further development of the European electricity market. The transmission grid is the technical backbone of reliable power supply to more than 18 million people.

The White & Case team was led by partner Dr. Jörg Kraffel, assisted by partners Dr. Carsten Rodemann (both M&A) as well as Manfred Ungemach and local partner Dr. Sabine Schulte-Beckhausen (both energy law). They were supported by more than 20 lawyers from different areas and offices.

About White & Case
White & Case LLP is a leading global law firm with lawyers in 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices.

Contact:
Barbara Gruber
Media Relations Manager Germany
+49 (0) 69 29994 1122