White & Case Advises Jastrzębska Spółka Węglowa S.A. and Spółka Energetyczna Jastrzębie S.A. on Sale of Shares in Przedsiębiorstwo Energetyki Cieplnej S.A. in Jastrzębie-Zdrój
Global law firm White & Case LLP has advised Jastrzębska Spółka Węglowa S.A. (JSW) and its subsidiary Spółka Energetyczna „Jastrzębie" S.A. (SEJ) on the PLN 190.4 million sale of shares in Przedsiębiorstwo Energetyki Cieplnej S.A. in Jastrzębie-Zdrój (PEC).
The transaction aligns with JSW's restructuring plan, which includes the divestment of selected JSW Group assets. PGNiG Termika and SEJ executed an agreement for the sale of 100 percent of the shares in PEC to PGNiG Termika on April 28, 2016.
The funds obtained by SEJ from the sale of the PEC shares will be allocated to SEJ's 'Energetyka 2016' investment programme, in particular to finance the completion of the construction of a CFB (circulating fluidized bed).
The JSW Group is the largest producer of high quality hard (type 35) coking coal and a major producer of coke in the European Union. In 2015, 16.4 million tonnes of coal were extracted from its mines. The company has been listed on the Warsaw Stock Exchange since 2011.
For 40 years, PEC has been engaged in the creation, transmission, distribution and trade in heat. It sells 3 million GJ (gigajoules) of heat, produced in 14 facilities with a total installed power of 257.7 MW. It possesses a heating network of approximately 260km.
The White & Case team in Warsaw which advised on the transaction included partner Marcin Studniarek, local partner Aneta Hajska and associate Anna Pawelec.
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