Centrica boosts its Belgium market presence with the increase in shareholding of SPE – Allen & Overy

Brussels and London – LAWFUEL – Law Firm Newswire – Allen & Overy LLP today announced that it is advising Centrica plc on the increase of its shareholding in the Belgian generation and supply company SPE SA to a controlling 51 per cent, significantly boosting Centrica’s market presence in Belgium. Completion of the acquisition is conditional on clearance by the European Commission.

On completion of the transaction Centrica will pay EUR515 million in cash for GdF’s 25.5 per cent stake in SPE. In addition, deferred consideration of up to EUR105 million will be payable based on the final terms and the timing of approval of the “Pax Electrica 2” agreements under which SPE will acquire additional power offtake from Belgian nuclear power plants.

Commenting, Pierre-Olivier Mahieu said: “Centrica’s increase in its shareholding of its existing stake in SPE significantly enhances their market presence in Belgium, a major development for the Belgium energy market. We’re delighted to be working with Centrica on this important transaction.”

The Allen & Overy team, working with Sarah Townson, Senior Legal Counsel with Centrica, is being led Belgium Corporate partner Pierre-Olivier Mahieu, assisted by Amand-Benoit D’Hondt, Joost Everaert and Dirk Arts. London Corporate partner Mark Dighero and London banking partner Randal Weeks are also advising on the transaction.

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