Linklaters, CMS, White & Case and Latham & Watkins have scored lead adviser roles on the £4.2 billion sale of a 60% stake in National Grid’s U.K. gas business.
The sale, announced on Sunday, reflects the major U.K. energy provider’s pivot towards electricity, according to the company’s statement.
The stake is being acquired by a consortium consisting of asset manager Macquarie Asset Management and British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors.
Linklaters is advising major client National Grid on the divestment, which gives the entire U.K. gas and metering arm an enterprise valuation of £9.6 billion.
The 60% stake is being sold for £2.2 billion in cash consideration and approximately £2.0 billion from additional debt financing at completion, according to National Grid’s statement on the sale.
The Linklaters team advising on the deal includes global infrastructure co-head Jessamy Gallagher, and fellow London based trio corporate partner Charles Turner, antitrust and foreign investment partner Natura Gracia and infrastructure finance partner Elisabeth Johnson, according to a LinkedIn post by Gallagher.
CMS is advising the bidding consortium as a whole, while White & Case is advising Macquarie and Lathams & Watkins is providing legal advice to British Columbia Investment Management.
CMS’s team is being led by corporate partners Charles Currier and Doug Land.
White & Case’s team is being led by London partner Tim Sheddick and counsel Tom Pound. It also includes partners Katie Hicks and Marc Israel.
As of 2021, BCI held C$199.6 billion of assets under management and clients include public sector pension plans, insurance, and special purpose funds, according to National Grid’s statement.