Ashurst advises selling consortium on €5 billion sale of UK power network operator Electricity North West to Iberdrola

Global law firm Ashurst has advised the selling consortium (including Equitix) on the sale of 88% of the share capital of North West Electricity Networks (Jersey) Limited, the holding company of ENW, to Iberdrola S.A. for an equity value of £2.1 billion (€2.5 billion). The deal values 100% of the company, including debt, at approximately €5 billion.

The Ashurst team was led by partners Jason Radford and Jacob Gold, supported by partner Bruce Hanton, senior associates Daniel Hobbs, Jade MacDonald and Camilla Booth-Clibborn, and associates Rosie Swanborough, Marisa Muramatsu and Jack Mason-Jebb.

The wider team included partner Nicholas Gardner, counsel Mark Spinney and associates Luis De Freitas and Beth Sercombe on the tax aspects. Finance advice was provided by partner Helen Jones and associates Emma Bridger and Lucas Adomeit and partner Sunny Kumar, senior associates Matthew Hewitson and Aaron Cole, and associates Saif Khan, Julia Bell and Chelsea Kwakye advised on IP matters. Partners Neil Cuninghame and Steven Vaz, senior associate Natasha Gromof and associate Eleanor Popplewell and Philippa Stacey advised on the competition law aspects. Partner Eleanor Reeves, senior associates James Nierinck and Joanna Fox and associate Hal Donovan advised on the environmental and planning aspects. Employment and pensions advice was provided by counsel John Gordon and Liz Parkin and associates Ella Stokes. Projects associates Lucas Chong and Abigail White also advised.