Global law firm Ashurst is advising J.P. Morgan Cazenove, who is acting as financial adviser to Bidco in relation to the proposed £1.75 bn takeover of ContourGlobal plc.
ContourGlobal is a leading power generation operator and has grown into a global platform of contracted power generation with strong expertise in wind, solar, hydro and thermal generation. Today, ContourGlobal’s portfolio of contracted wholesale power generation businesses includes approximately 6.3 GW in operation in 20 countries, and includes 138 thermal and renewable power plants across Europe, North America, Latin America and Africa, utilising a wide range of fuel types, technologies and equipment.
Bidco is a newly formed company indirectly owned by funds advised by KKR. KKR is a leading global investment firm offering alternative asset management as well as capital markets and insurance solutions, acting as sponsor for funds that invest in private equity, credit and real assets and with strategic partners.KKR is investing in the acquisition via KKR Global Infrastructure Investors IV, a US$17 billion fund with a broad investment mandate across a number of infrastructure sectors.
The all-cash acquisition values ContourGlobal at approximately £1.75 billion, and has been recommended by the board of ContourGlobal. It is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.
The Ashurst team was led by partners Tom Mercer and Tim Rennie, with support from counsel Darren Phelan, and associates Colin Bugler and Ria Shah.