Slaughter and May is advising Drax Group plc (Drax) on the acquisition of Scottish Power’s portfolio of pumped storage, hydro and gas-fired generation assets from Scottish Power Generation Holdings Limited, a wholly-owned subsidiary of Iberdrola S.A.  The purchase price is £702 million, subject to customary adjustments.

Completion of the acquisition is subject to the approval of Drax’s shareholders and clearance from the CMA.  The acquisition is expected to complete on 31 December 2018 following satisfaction of the conditions.  Slaughter and May’s role also included advising on a new acquisition bridge facility to finance the acquisition.

Slaughter and May is working closely with David McCallum, Siobhán Hagerty and Richard Fullilove from the in-house team at Drax.
Contacts

Corporate: Victoria MacDuff (partner), William Underhill (partner), Natalie Cook (associate), Richard Faichney (associate), Maria Dragun (associate); Kurt Ma (associate), David Plant (associate); Financing: Guy O’Keefe (partner), Caroline Phillips (partner), David Hay (associate), James Costi (associate); Andrew Baker (associate); Real Estate and Environmental: Oliver Moir (associate), Mark Gulliford (associate); Richard Keczkes (associate); Bronwen Hutchison (associate), Ed McGimpsey (associate); Iain McCann (associate); Michael Condlyffe (associate); Adam Goldthorp (associate); Tax: Mike Lane (partner), Orlaith Kane (associate); Employment and Pensions: Phil Linnard (partner), Ed Hunnisett (senior counsel), Jessica Tinsley (associate); Competition and Regulatory: Christopher Wright (special adviser), Annalisa Tosdevin (associate), Will Manley (associate).