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Shell acquires Powershop
Baker McKenzie, together with Azure Capital, has recently advised a consortium of Shell and Infrastructure Capital Group in successfully bidding for Meridian Energy’s Australian business, Powershop.
Naomi Neilson
Firm: Baker McKenzie (Shell, Infrastructure Capital Group)
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Deal: Baker McKenzie has assisted a consortium of Shell and Infrastructure Capital Group (ICG) on its acquisition of Meridian Energy’s Australian business.
Value: $729 million.
Area: M&A.
Key players: The team was led by lead partners Lance Sacks, Lucas Tyszkiewicz and Aylin Cunsolo. The broader team included Tanya Denning, Lewis Assness, Laura Matson, Aimi Tran, Adrian Lawrence and Simone Blackadder.
Deal significance: Under the terms of the agreement, Shell will acquire Meridian Energy’s electricity and gas retail business, Powershop. It will further Shell’s Powering Progress Strategy and goal to create an integrated power business.
ICG, through its Australian Renewables Income Fund (ARIF), will acquire Meridian Energy’s Australian generation assets, which include operating wind farms. ARIF will also acquire Meridian Energy’s Australian development portfolio.
The lead partners commented: “We were delighted to act for Shell and ICG in acquiring high-quality renewables assets and help them secure a diversified and integrated portfolio of electricity generation and retail assets.”
