Cuatrecasas advises Total on the acquisition of EDP’s B2C business in Spain and two combined cycle plants with 850MW power

May 20, 2020

Cuatrecasas has advised Total on the acquisition of the Energías de Portugal’s (EDP) portfolio of 2.5 million B2C customers and two gas-fired combined cycle power plants in Castejón (Navarra), which represent an electricity generation capacity of nearly 850 megawatts. The transaction, entered into on 16 May 2020, is based on an enterprise value of €515 million. It remains subject to conditions precedent, including regulatory approval and should be finalized before the end of 2020.     

The acquisition is the largest transaction in the energy sector this year in Spain and one of the largest in Europe. With the acquisition of the B2C commercial business Total becomes the fourth electricity company by number of clients in Spain.

This deal serves Total’s ambition to achieve Carbon Neutrality by 2050 for its worldwide business across its production and energy products used by its customers, and to play a major role in the energy transition in Europe, Spain being among the first countries to have adopted an objective of Carbon Neutrality by 2050.

Cuatrecasas and the Frech firm Gide have jointly advised Total. Cuatrecasas’ team has been led by Mariano Ucar, partner of the M&A department, and Luis Pérez de Ayala, partner from the Energy department. They have been assisted by Marta Benjumea and Pedro López-Dóriga, in Madrid. Gide’s M&A team has been led by  Antoine Tézenas du Montcel, partner of the Paris office, who has been assisted by Paul Guillemin (counsel) and Xavier Lecomte.

The antitrust team has been led by Andrew Ward, partner of the Madrid Office of Cuatrecasas, and Ségolène Pelsy, partner of the Bruxelles office of Gide.

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