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Press Release

White & Case Advises PGE Polska Grupa Energetyczna on PLN 4.51 Billion Acquisition of EDF's Polish Assets

Global law firm White & Case LLP has advised PGE Polska Grupa Energetyczna S.A. (PGE), Poland's biggest power producer, on its PLN 4.51 billion (approximately US$1.2 billion) acquisition of the EDF Group's assets in Poland.

PGE signed a Conditional Share Sale Agreement in relation to the acquisition with EDF International SAS and EDF Investment II B.V. on May 19, 2017.

Through the acquisition, which includes eight combined heat and power plants in key locations including Trójmiasto, Wrocław and Kraków, the Rybnik power station in Silesia and almost 400km of heating network in four cities, PGE strengthens its leading position in the Polish electricity market and becomes the leader in the Polish heat market.

The transaction value amounts to approximately PLN 4.51 billion (US$ 1.2 billion), of which approximately PLN 2.45 billion is the equity value and approximately PLN 2.06 billion is the net debt. The closing of the transaction is planned to take place no later than January 2, 2018 and the payment will be made at that time.

White & Case coordinated the acquisition process, negotiating the transaction documents relating to the acquisition of the EDF assets, as well as obtaining the mandatory regulatory approvals. It is one of the largest takeovers in the history of the Polish power and heating market.

The White & Case team in Warsaw which advised on the transaction was led by partner Marcin Studniarek, local partner Aneta Hajska and counsel Jakub Gubański, with support from associates Monika Dużyńska, Paweł Góra, Klaudia Malczewska, Iwo Małobęcki, Marta Osowska, Jędrzej Pałka, Anna Pawelec, Aneta Urban and Mateusz Zawistowski.

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