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DLA Piper guides electricity acquisition

DLA Piper guides electricity acquisition

DLA Piper has advised a consortium comprising Cheung Kong Infrastructure Holdings Limited (CKI), Hong Kong Elect

DLA Piper has advised a consortium comprising Cheung Kong Infrastructure Holdings Limited (CKI), Hong Kong Electric Holdings Limited (HEI) and the Li Ka Shing Foundation on the £5.8 billion ($10.1 billion) acquisition of EDF Energy's UK electricity distribution assets.

The acquired assets comprise three low-voltage electricity distribution networks in the East and South of England, and long-term contracts with businesses, such as London Underground and Heathrow and Gatwick airports, for the construction and maintenance of electricity distribution infrastructure.

Cheung Kong Infrastructure holds a 39 per cent stake in Hong Kong Electric, the electricity supplier, and the two companies will work together to run EDF Networks, as they have done for other energy assets in the UK, including Northern Gas Networks, a gas distribution business that was acquired in 2004.

The DLA Piper Hong Kong team was led by Christopher Clarke, with assistance from Eugene Choi. The DLA Piper UK team was led by corporate partners Kiran Sharma and Jon Hayes, banking partners Phil Butler and Tamsyn Mileham and pension partner Matthew Swynnerton. They were assisted by Mark Chivers, William Lucas and James Malcolm.

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