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Freshfields advises SSE on the merger of its retail business with npower

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised SSE plc (‘SSE’), one of the UK’s largest energy suppliers, on the separation of its retail business, which is to be merged with npower and listed on the premium segment of the London Stock Exchange as a new independent energy supplier. 

npower is owned by German utility group Innogy SE (‘Innogy’). Innogy will retain a 34.4 per cent shareholding in the new listed company but SSE will distribute its pro rata 65.6 per cent share to its shareholders. Completion of the transaction is expected by the last quarter of 2018 or the first quarter of 2019. Completion is subject to relevant competition and regulatory approvals, approvals by SSE's shareholders and Innogy's supervisory board and admission of shares in the new listed company to the Official List of the UK Listing Authority with a premium listing and to trading on the main market of the London Stock Exchange.
 
The Freshfields team on the merger was led by London global transactions partners Simon Marchant and Julian Pritchard and antitrust, competition and trade (‘ACT’) partner Deirdre Trapp. They were supported by global transactions partner Andrew Craig and ACT partner James Aitken. Partner Peter Clements advised on tax matters, while partners Kathleen Healy and Dawn Heath handled employment and pensions issues. Partners Christopher Barratt and Victoria Hills advised on finance and real estate issues, respectively. Doug Smith handled the US capital markets aspects of the deal and Gregor von Bonin advised on German law aspects.

ENDS

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About Freshfields Bruckhaus Deringer LLP
 
Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms. Our commitment, local and multi-national expertise and business know-how means our clients rely on us when it matters most.

 

The Freshfields team was led by: