CMS has advised a consortium led by Cheung Kong Infrastructure Holdings Limited (CKI) in relation to the £645 million acquisition of Wales & West Utilities (WWU), one of the eight gas distribution networks in the United Kingdom.
The consortium includes CKI, Power Assets Holdings Limited, and Cheung Kong (Holdings) Limited (CKH), each holding a 30% stake in the investment, with the remaining 10% taken by the Li Ka Shing Foundation Limited.
Completion of the acquisition is conditional upon the European Commission’s approval. It is expected that completion will take place at the end of September.
Charles Currier and Robert Lane led CMS’ team on the acquisition.
Victor Luk, Group General Counsel of CKI commented: “We chose to work with CMS on this transaction because of their outstanding reputation in the energy sector and the relationship we have developed with the CMS team on other transactions. The team’s experience and track record stood out”.
Alex Ng, Group Legal Counsel of Power Assets also commented: “We received first class support and advice from the whole CMS team. All aspects of the service were top quality.”
Charles Currier commented: “We were delighted to assist the consortium with this transaction, building further on the excellent relationship we have built up over the past couple of years. We look forward to bringing the acquisition to successful close in the coming months.”
Robert Lane commented: “This transaction further demonstrates the depth and breadth of our market-leading energy sector practice. Our experience of having acted on the sale of WWU back in 2005 meant we were able to deploy a knowledgeable team that ensured the challenging timetable for the acquisition was met.”
