On October 30, 2023, Milbank announced that the Greek Public Power Corporation’s acquisition of the Romanian assets of the Enel Group (reported by CEE Legal Matters on March 30, 2023) had closed.
The transaction included the acquisition of Enel Group’s electricity production, supply, and distribution assets in Romania. According to Milbank, the total final consideration amounted to approximately EUR 1.24 billion, “equivalent to an enterprise value of approximately EUR 1.9 billion (on a 100% basis).”
Greece's Public Power Corporation provides consumers with electricity and natural gas products and solutions and is, according to its website, the largest power supplier in Greece.
The Enel Group is an Italian multinational producer and distributor of electricity and gas.
As previously reported, PwC Legal Romanian affiliate D&B David si Baias, Milbank, and reportedly Legance advised the Greek Public Power Corporation. Clifford Chance reportedly advised Enel.
The D&B David si Baias team included Partners Anda Rojanschi and Ovidiu Bold, Managing Associates Cristina Ioana Paduraru, Adina Oprea, and Georgiana Balan, and Senior Associates Corina Celmare and Mihaela Papandreia.
The Milbank team was led by London-based Partner Lisa O'Neill.