White & Case has advised PGE Polska Grupa Energetyczna S.A. (PGE), Poland's biggest power producer, on its PLN 4.51 billion (approximately USD 1.2 billion) acquisition of the EDF Group's assets in Poland. The EDF Group was represented by Dentons.
PGE signed a Conditional Share Sale Agreement in relation to the acquisition with EDF International SAS and EDF Investment II B.V. on May 19, 2017.
According to White & Case, through the acquisition, which includes eight combined heat and power plants in key locations including Trojmiasto, Wroclaw, and Krakow, the Rybnik power station in Silesia, and almost 400km of heating network in four cities, "PGE strengthens its leading position in the Polish electricity market and becomes the leader in the Polish heat market."
The transaction value amounts to approximately PLN 4.51 billion, of which approximately PLN 2.45 billion is the equity value and approximately PLN 2.06 billion is the net debt. The closing of the transaction is planned to take place no later than January 2, 2018 and the payment will be made at that time.
White & Case coordinated the acquisition process, negotiated the transaction documents relating to the acquisition of the EDF assets, and obtained the mandatory regulatory approvals.
The White & Case team in Warsaw advising on the transaction was led by Partner Marcin Studniarek, Local Partner Aneta Hajska, and Counsel Jakub Gubanski, with support from Associates Monika Duzynska, Pawel Gora, Klaudia Malczewska, Iwo Malobecki, Marta Osowska, Jedrzej Palka, Anna Pawelec, Aneta Urban, and Mateusz Zawistowski.