17 December 2020

King & Wood Mallesons advises Portuguese energy group EDP on the €2.7 billion acquisition of Viesgo

The law firm King & Wood Mallesons ("KWM") has advised the Portuguese energy company EDP – Energías de Portugal, S.A. (“EDP”) on the completion of the acquisition of Viesgo from Macquarie. The deal has an enterprise value of €2.7 billion and was carried out by a cross-border team led by KWM corporate partner Roberto Pomares.

The transaction includes the establishment of a long-term partnership with Macquarie for electricity distribution business in Spain, which will be 75.1% owned by EDP and 24.9% by Macquarie. This partnership will own three electricity distribution companies: E-Redes (previously 100% owned by EDP), Viesgo Distribución and Begasa.

Additionally, as part of this deal, EDP has acquired two thermal power plants in Spain.

In addition to Roberto Pomares, other of the key lawyers in this deal has been Gonzalo Fernández, senior associate at the M&A team in KWM. The multidisciplinary cross-border team of the Firm also includes partners Gonzalo Olivera (energy), Carlos Gil (employment), Barri Mendelsohn (corporate) and Ramón García Gallardo (competition); senior associates Fernando Jiménez (tax), Sandra de Andrés (employment); Cristina Esteban (employment), María Redondo (finance) and Alberto Artés (energy); and the associates Enrique Murillo (M&A), Oscar Fuertes (tax) and Emiliano Moreno (M&A).

This transaction is the biggest deal made by EDP outside Portugal following the takeover bid for Hidroeléctrica del Cantábrico in 2001. 

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