We advised Ørsted on its agreement to divest a 50% stake in Hornsea 3. Hear from Hector McIntosh and Jesse Bakare about their involvement in the transaction as trainees, sitting in Corporate and Financing respectively.

At what stage did you become involved in the transaction?

We joined the team in our respective groups (Corporate and Financing) in September 2025, which was fairly late in the deal timeline – it had been going for over a year when our seats began, which is an unusually long timeline for an M&A deal, albeit perhaps less so for an energy/infrastructure-focussed one. 

All of the transaction documents were largely agreed, though the remaining points were subject to intense negotiation. When we joined, the plan was to sign in a matter of weeks; however, as is often the case, that timeline was subsequently extended. We eventually signed the deal at the beginning of November and reached completion on 30 December, just in time for New Year’s celebrations!

What kind of work were you doing?

The Slaughter and May Infrastructure and Energy (IEN) group spans across various departments, including Corporate, Real Estate & Projects and Financing - this meant trainees from each group had the opportunity to get involved in varying and diverse workstreams.

From a corporate perspective, initial responsibilities related to the ongoing disclosure process, which was essentially a Q&A with Apollo about various aspects of the wind farm. This gave us a fascinating insight into Ørsted’s assets and business. We worked closely with the Real Estate & Projects team on this, which gave a nice flavour of the multi-disciplinary element that so many of the firm’s matters have.

We were also responsible for an internal reorganisation undertaken ahead of the sale, which involved reshuffling the ownership structure of the wind farm assets.

What did you find most interesting about the transaction?

We found the negotiation dynamics fascinating. The transaction came at a challenging time for the offshore wind sector, partially due to geopolitical pressures. These factors impacted the intensity and duration of the negotiations. Combined with the complex structure of the deal, this provided some great exposure to drafting and negotiation skills.

What did you find most challenging about working on the transaction?

As signing approached, we were responsible for organising the signing of the various transaction documents, which is a typical task for a trainee completing a transactional seat. This process (completed over several days) was extremely intensive, given the large numbers of documents and time pressure.” Many of the documents were hundreds of pages long with various entities and individuals signing - so it was very important to be diligent. 

We were also under significant time pressure – with so many transaction documents across the corporate, construction and financing elements, ensuring they were all executed properly was challenging. Given the cross-stream nature of our IEN group, various trainees across different groups assisted with the process, providing valuable transaction-management experience which will prove useful in other signings.

“We were responsible for organising the signing of the various transaction documents, which is a typical task for a trainee completing a transactional seat. This process (completed over several days) was extremely intensive, given the large numbers of documents and time pressure. Many of the documents were hundreds of pages long with various entities and individuals signing - so it was very important to be diligent.”

How did you feel when the transaction completed?

We both felt proud to be part of a fantastic team effort to get the deal across the line. Trainees woke up the next day to lovely messages of thanks from the partners and client alike. Opening the Financial Times to see news of the transaction was also an exciting moment!