White & Case Advises EPH on Agreement to Acquire 66 Percent Stake in Slovenské Elektrárne for €750 Million
Global law firm White & Case LLP has advised Energetický a průmyslový holding (EPH) on the agreement by its subsidiary, EP Slovakia BV, to acquire the 66 percent stake in Slovenské elektrárne, a.s. owned by Enel Produzione S.p.A., a subsidiary of Italy-based multinational power company Enel S.p.A.
EPH is a leading Central European energy group operating mainly in the Czech Republic, Slovakia and Germany. It includes 40 companies and employs more than 10,000 people. Slovenské elektrárne is a leader in the Slovak electricity generation market with installed capacity of around 4,521 MW, of which around 1,940 MW is from nuclear power generation.
"This was a highly complex transaction that required careful navigation through a number of challenging issues," said Bratislava-based partner Marek Staron, who led the Firm's deal team. "The cross-border White & Case team provided support to the EPH team which ensured the deal's challenges were met successfully."
The transaction will be executed by a transfer of Enel Produzione's entire stake in Slovenské elektrárne to a newly-established holding company, and the eventual two-phase acquisition by EP Slovakia of 100 percent of the holding company's share capital. The closing of the deal, for a total consideration over the two phases equal to €750 million, is also subject to clearance from the European Union's antitrust authorities.
"EPH is an important client of the Firm and this exciting transaction marks yet another milestone in the group's international growth," said partner John Cunningham, who led the London-based team which advised on the deal. "Our cross-border capabilities and deep understanding on the energy and infrastructure sectors are key qualities that ensure White & Case is ideally positioned to continue supporting our client's international growth ambitions."
White & Case previously advised EPH on its agreement at the end of 2014 to acquire Eggborough Power Limited, an independent power producer that owns the coal-fired 2 GW Eggborough Power Station in North Yorkshire. The transaction marked the entry of EPH into the UK market.
The White & Case team that advised on the transaction was led by partner Marek Staron (Bratislava) and included partners Ian Bagshaw and John Cunningham (both London) with support from associates Zoran Draskovic (Bratislava), Tom Cambidge and Laura Hoyland (both London).
For more information please speak to your local media contact.