Energy M&A

CMS has the pre-eminent Energy M&A group in the UK, Advising financial investors, strategic investors, utilities and developers on high-profile, high-value, complex and first-of-a-kind M&A transactions across the energy sector.

CMS’ Energy M&A group particularly adds value when M&A transactions involve complex and/or cutting-edge issues that require the deepest sector knowledge.  This includes revenue stream support mechanisms, commercial and trading arrangements, licensing issues, industry code requirements and other regulatory issues, for both in-development and operational assets.

Our recent experience related to energy M&A transactions includes advising:

• Octopus Energy Group (Octopus) on its takeover of Bulb Energy’s (Bulb) 1.5 million customers following an almost year-long tender process run by Bulb’s administrators. The ground-breaking transaction will include an energy transfer scheme (a statutory process available to energy supply companies that are in special administration) used for the first time in the United Kingdom.
• Equinor on the EUR91m purchase of 100% of shares in the Polish company Wento, which develops photovoltaic and wind projects, from Enterprise Investors, a private equity fund.
• Electricity Supply Board on a £2 billion partnership with EDF Renewables to jointly develop the 450MW Neart na Gaoithe offshore wind farm in Scotland.  
• Brookfield Renewable Partners on an agreement with KKR to form a 50/50 joint venture to acquire X-Elio, one of the world’s largest independent solar platforms. 
• Arjun Infrastructure Partners on an acquisition of two UK solar plant portfolios from Ancala Partners LLP. The portfolios comprise 21 solar parks located across the UK with a combined capacity of 97MW.
• ConocoPhillips on the $2.675 billion sale of all of ConocoPhillips UK upstream assets. 
• OVO Energy on securing investment from Mitsubishi Corporation for this renewable energy provider.
• GLIL Infrastructure on the acquisition of a 49% equity stake in Cubico Sustainable Investment's operational wind and solar portfolio covering 18 sites across the UK.
• SSE plc on a disposal by SSE Renewables Onshore Windfarm Holdings Limited of 100% of the share capital of Slieve Divena Wind Farm No.2 Limited, an SPV owning a 2.35MW wind farm in Northern Ireland, to Greencoat UK Wind Holdco Limited.
• SSE plc on a £635 million sale of a 49.9% stake in its Stronelairg and Dunmaglass wind farms to Greencoat UK Wind.  
• J-Power and Development Bank of Japan on a £2 billion acquisition of a 25% share in Triton Knoll HoldCo Limited from Innogy Renewables UK Limited.
• Mainstream Renewable Power on the disposal of the 450MW Neart na Gaoithe offshore wind farm project to the EDF Group, via EDF Renewables in the UK, a joint subsidiary of EDF Energy and EDF Energies Nouvelles.
• A consortium led by Japanese utility Kansai Electric Power, infrastructure investor Equitix and Hong Kong-based investor CNIC on its acquisition of Electricity North West.
• Arcapita on its bid to acquire Electricity North West as part of a competitive auction process.
• Cheung Kong Infrastructure and Power Assets Holdings on the proposed acquisition of Central Networks East and Central Networks West from E.ON.
• Consortium comprising SSE and Borealis Infrastructure on their proposed acquisition of EDF’s UK electricity distribution networks.
• Viridian on the sale of Northern Ireland Electricity (NIE), the owner of the transmission system in Northern Ireland, and owner and operator of the distribution system.  
• Quadgas consortium (made up of Macquarie Infrastructure and Real Assets, Allianz Capital Partners, Hermes Investment Management, CIC Capital Corporation, Qatar Investment Authority, Dalmore Capital and Amber Infrastructure/International Public Partnerships) on the acquisition of National Grid's four remaining gas distribution networks (Cadent Gas) for c£13.8 billion in 2017/2018.
• SSE on the sale of a 16.67% shareholding in SGN to ADIA for £621 million in 2016.
• Consortium comprising Hermes GPE Infrastructure Fund and USS on its bid to purchase Phoenix Gas, one of the gas distribution network companies in Northern Ireland.
• Consortium led by Cheung Kong Infrastructure on the acquisition of Wales & West Utilities, the gas distribution network, for an enterprise value in excess of £2 billion.
• Consortium comprising SSE, OMERS and Ontario Teachers on the acquisition of the Scotland and South of England gas distribution networks for £3.2 billion. 
• National Grid on the restructuring and sale by way of an auction process of part of its gas distribution networks for an aggregate consideration of £5.8 billion.

To find out more about other related services you can visit the Energy & Climate Change expertise section.