Slaughter and May advised Drax Group plc – acquisition of Opus Energy Group Limited
Slaughter and May advised Drax Group plc (Drax) on the acquisition of Opus Energy Group Limited, a business to business supplier of electricity, gas and related services in the UK, for cash consideration of £340 million plus an additional “locked box” payment. Slaughter and May’s role included advising on a new acquisition debt facility in relation to the transaction.
Completion of the acquisition took place on 10 February 2017, following the approval the approval by the European Commission of the Investment Contract relating to Drax’s third biomass conversion unit on 19 December 2016 and the approval of the transaction by Drax’s shareholders on 8 February 2017. Slaughter and May worked as an integrated team with the Drax legal team, led by David McCallum (General Counsel and Company Secretary) and Siobhán Hagerty (Deputy Head of Legal).