Electricity Supply Board (ESB) - Acquisition of Northern Ireland Electricity plc and associated businesses

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Slaughter and May advised ESB, the government-owned electricity utility in the Republic of Ireland, on an agreement for the acquisition of Northern Ireland Electricity plc, the Northern Irish electricity transmission and distribution business of the Viridian Group, and associated electrical contracting businesses (the "NIE Group").

Under the terms of the agreement, which was announced on 07 July, ESB will pay £1,034 million for the NIE Group subject to certain completion adjustments. Completion of the acquisition is subject to a number of conditions, including Irish and UK competition clearances and notifications and a refinancing of the existing indebtedness of the Viridian Group. The transaction is expected to complete by the end of 2010.

William Fry and Tughans advised in respect of Irish and Northern Irish law respectively.

Corporate: Mark Zerdin (partner), Phil Jockelson (associate), Philip Linnard (associate); IP/IT: Susie Middlemiss (partner); Steven Warner (associate), Duncan Blaikie (associate); Competition: Isabel Taylor (partner), Nele Dhondt (associate); Financing: Simon Hall (partner), Bevan Peachey (associate); Pensions and Employment: Jonathan Fenn (partner); Naeem Noor (associate); Tax: William Watson (partner), John Meehan (associate); Commercial Real Estate: David Waterfield (partner), Louisa Gilliard (associate); Environment: Ed Keeble (partner), Samantha Brady (associate)

William Fry: Bryan Bourke (partner)

Tughans: John-George Willis (partner)