Slaughter and May is advising Centrica plc on its agreement to sell its North American energy supply, services and trading business, Direct Energy, to NRG Energy

Slaughter and May, working as an integrated team with Cravath, Swaine & Moore LLP, is advising longstanding client Centrica plc on its agreement to sell its North American energy supply, services and trading business, Direct Energy, to NRG Energy, Inc. for $3.625 billion in cash (equivalent to approximately £2.85 billion).

The transaction is conditional upon approval by Centrica’s shareholders as a Class 1 transaction under the UK Listing Rules and various other approvals, including regulatory approvals.

Slaughter and May and Cravath are supporting the in-house legal team at Centrica, led by Justine Campbell (Group General Counsel & Company Secretary), Sarah Carter (Head of Legal, Corporate and M&A) and Thomas Smith (General Counsel, North America). The Slaughter and May team is being led by Hywel Davies and Rob Innes, and the Cravath Swaine & Moore LLP team by Erik Tavzel and Andrew Elken.