Drax Group plc’s acquisition of Scottish Power’s portfolio of pumped storage, hydro and gas-fired generation assets


Slaughter and May is advising Drax Group plc (Drax) on the acquisition of Scottish Power’s portfolio of pumped storage, hydro and gas-fired generation assets from Scottish Power Generation Holdings Limited, a wholly-owned subsidiary of Iberdrola S.A.

The purchase price is £702 million, subject to customary adjustments.

Completion of the acquisition is subject to the approval of Drax’s shareholders and clearance from the CMA.

The acquisition is expected to complete on 31 December 2018 following satisfaction of the conditions.

Slaughter and May’s role also included advising on a new acquisition bridge facility to finance the acquisition.

Slaughter and May is working closely with David McCallum, Siobhán Hagerty and Richard Fullilove from the in-house team at Drax.

Slaughter and May is advising Drax Group on the deal with a Corporate team led by Victoria MacDuff (partner, in picture), William Underhill (partner), Natalie Cook (associate), Richard Faichney (associate), Maria Dragun (associate); Kurt Ma (associate), David Plant (associate); Financing: Guy O’Keefe (partner), Caroline Phillips (partner), David Hay (associate), James Costi (associate); Andrew Baker (associate); Real Estate and Environmental: Oliver Moir (associate), Mark Gulliford (associate); Richard Keczkes (associate); Bronwen Hutchison (associate), Ed McGimpsey (associate); Iain McCann (associate); Michael Condlyffe (associate); Adam Goldthorp (associate); Tax: Mike Lane (partner), Orlaith Kane (associate); Employment and Pensions: Phil Linnard (partner), Ed Hunnisett (senior counsel), Jessica Tinsley (associate); Competition and Regulatory: Christopher Wright (special adviser), Annalisa Tosdevin (associate), Will Manley (associate).

Involved fees earner: Victoria MacDuff – Slaughter and May; William Underhill – Slaughter and May; Natalie Cook – Slaughter and May; Richard Faichney – Slaughter and May; Maria Dragun – Slaughter and May; David Plant – Slaughter and May; Kurt Ma – Slaughter and May; Guy O’Keefe – Slaughter and May; Caroline Phillips – Slaughter and May; David Hay – Slaughter and May; Andrew Baker – Slaughter and May; James Costi – Slaughter and May; Oliver Moir – Slaughter and May; Mark Gulliford – Slaughter and May; Richard Keczkes – Slaughter and May; Bronwen Hutchison – Slaughter and May; Ed McGimpsey – Slaughter and May; Iain McCann – Slaughter and May; Michael Condlyffe – Slaughter and May; Adam Goldthorp – Slaughter and May; Mike Lane – Slaughter and May; Orlaith Kane – Slaughter and May; Phil Linnard – Slaughter and May; Ed Hunnisett – Slaughter and May; Jessica Tinsley – Slaughter and May; Christopher Wright – Slaughter and May; Annalisa Tosdevin – Slaughter and May; Will Manley – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Drax Group plc;