Ashurst advises ESB on acquisition of So Energy

The merger of So Energy and ESB Energy (ESB’s UK retail brand) will result in a business serving more than 300,000 customers, with the company continuing to trade as So Energy with ESB retaining 75% of the new combined entity.

ESB has operated in the UK for nearly 30 years, investing more than €2 billion in generation assets including wind and solar while also providing EV charging infrastructure in London, Coventry and Birmingham. In 2018, the company entered the competitive energy retail market with the launch of ESB Energy and roll-out of green tariffs and focus on customer solutions and offerings.

Commenting on the transaction, energy & infrastructure M&A partner and global co-head of energy, Michael Burns said: "We're delighted to have helped ESB on this transformational transaction for their UK supply business. The ESB and wider team has been a pleasure to work with and we look forward to seeing the further growth of the business."

The Ashurst team was led by partner Michael Burns, assisted by senior associates Dallan Pitman, Jake Hadfield and Jade MacDonald. Partner Antony Skinner and associate Tom Penton advised on the underlying trading arrangements of the business, with assistance from senior associate Adam Eskdale. Employment advice was led by partner Ruth Buchannan and data protection advice by partner David Futter and associate Julia Bell. Incentives advice was provided by senior consultant Nicholas Stretch and senior associate Rebecca Servian and tax advice was led by partner Alexander Cox and senior associate Shayaan Zaraq Bari.