Lovells

International law firm Lovells LLP has been advising Electricité de France (EDF)  on the £11 billion financing of its acquisition offer for British Energy Group plc, the UK nuclear power generator. Lovells LLP also has been advising EDF’s financial advisors, Merrill Lynch International and BNP Paribas, in connection with the £12.4bn acquisition.  

The takeover offer was announced on 24 September 2008 and has attracted considerable press attention. Some commentators claim that the money raised from the deal will be used to bolster public finances in the UK and provide financial stability to British Energy, the UK's largest producer of electricity, by allowing for further investment in new nuclear power stations. 

The Lovells Capital Markets and Structured Finance team in Paris advising EDF on the debt financing elements of the takeover offer and the drafting and negotiating of the financing documentation was led by Sharon Lewis, Partner and worldwide practice area head, and comprised Baptiste Gelpi (Counsel) and Reza P. Mulligan (Senior Associate). 

The Lovells team in London advising Merrill Lynch International and BNP Paribas was led by corporate partner Maegen Morrison and banking partner Penny Angell with assistance from Nick Parden (Partner, Corporate), Vicky Carr (Senior Associate, Acquisition Finance) and Ilona Pynne (Associate, Corporate).  

White & Case LLP (Gilles Peigney and Clare Calver) advised the lending banks.  

Sharon Lewis said:        

"We have, for a number of years now, been advising EDF, a long standing client, on its high profile transactions and we are delighted to have been able to help steer EDF through what has been a challenging process."   

Maegen Morrison said:      

"This has been a high profile, complex deal which reflects Lovells' strategic focus on advising the banking community on high end corporate finance transactions, and our ability to provide our clients with top quality legal advice across legal disciplines and jurisdictions."  

About Lovells  

With over 3,000 people operating from 26 offices in Asia, Europe and the United States, Lovells is one of the world's leading international law firms. We advise many of the world's largest corporations, financial institutions and governmental organisations.  We regularly act on complex, multi jurisdictional transactions as well as some of the most high profile commercial disputes.  Lovells (the "firm") is an international legal practice comprising Lovells LLP and its affiliated businesses.  Lovells LLP is a limited liability partnership registered in England and Wales with registered number OC323639.  Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG.  

The word "partner" is used to refer to a member of Lovells LLP, or an employee or consultant with equivalent standing and qualifications, and to a partner, member, employee or consultant in any of its affiliated businesses who has equivalent standing.  

www.lovells.com