Ashurst advised joint sellers Goldman Sachs and Cargill on the sale
of Teesside Power Limited (TPL) to French energy companies Suez and
state-owned Gaz de France. The transaction remains subject to
regulatory approval.
TPL is the owner and operator of the Teesside power station, near
Middlesbrough. The 1,875 MW plant is Europe's largest
combined-cycle gas turbine plant and can generate up to 3 per cent
of the UK's electricity.
The Ashurst team was led by corporate partner Nick Angel and energy
partner Michael Johns with assistance from senior associate Simon
Baskerville, solicitors Caroline Wicker and Julia Derrick and
trainee Paul Bagon. Partner Martin Wright and senior associates
James Ross and Rachel Bannikoff played a key role by providing
advice on real estate related matters. Tax advice was provided by
partner Richard Palmer and
senior associate Nicholas Gardner.
Competition advice was provided by director of economics
Mat Hughes and senior
associate Luke Ainger. Also advising were Tim Rennie and Gaby
Briffet (international finance), Crowley Woodford (employment)
and Ian Jackson (pensions).
NM Rothschild acted as financial adviser to the sellers.
Chadbourne & Parke LLP acted as counsel to Suez and Gaz de
France.