KKR’s £1.75 Billion Recommended Offer for ContourGlobal

In UK Ashurst, Simpson Thacher & Bartlett, advised on the matter.

Ashurst advised ContourGlobal with a team including Tom Mercer (Equity Capital Markets), Tim Rennie (Equity Capital Markets).

Simpson Thacher & Bartlett advised KKR with a team including ノtienne Renaudeau (Competition Law), Clare Gaskell (Picture – Corporate M&A), Jiaying Zhang (Corporate M&A), Carol Daniel (Equity Capital Markets), Nicholas Shaw (Equity Capital Markets), Sinead O’Shea (Finance).

KKR announced its recommended offer to acquire the entire issued and to be issued share capital of ContourGlobal, which was announced on May 17, 2022, at 263.6 pence per share. The offer values ContourGlobal’s share capital at £1.75 billion and US$2.14 billion on a fully diluted basis, and an enterprise value of approximately US$6.14 billion. The transaction is expected to be implemented by way of scheme of arrangement, subject to the approval of ContourGlobal shareholders and the receipt of regulatory clearances.

ContourGlobal is admitted to trading on the Main Market of the London Stock Exchange and is a world class power generation operator which has successfully invested globally to expand and diversify its portfolio through a combination of greenfield developments and strategic acquisitions in both the renewable and thermal space.

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds.

ContourGlobal plc is a British power generation business.

The Simpson Thacher team includes Clare Gaskell (Picture), Jiaying Zhang, Alex Wilson, Jenny Leung, Tara Gibbons, Laura Harris and Patrick Kratzenstein (Corporate – U.K.); Brian Chisling (Corporate – U.S.); Sinead O’Shea, Claire Williams, Li Lin, Tom Lort and Theon Richards (Credit); Nick Shaw, Carol Daniel and Srishti Gupta (Capital Markets); Meredith Jones (Tax); and Étienne Renaudeau, Ross Ferguson, Pauline Patat and Susanna Breslin (Antitrust).

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. 
 

Involved fees earner: Colin Bugler – Ashurst; Tom Mercer – Ashurst; Darren Phelan – Ashurst; Tim Rennie – Ashurst; Susanna Breslin – Simpson Thacher & Bartlett; Brian Chisling – Simpson Thacher & Bartlett; Carol Daniel – Simpson Thacher & Bartlett; Ross Ferguson – Simpson Thacher & Bartlett; Clare Gaskell – Simpson Thacher & Bartlett; Tara Gibbons – Simpson Thacher & Bartlett; Srishti Gupta – Simpson Thacher & Bartlett; Laura Harris – Simpson Thacher & Bartlett; Meredith Jones – Simpson Thacher & Bartlett; Patrick Kratzenstein – Simpson Thacher & Bartlett; Jenny Leung – Simpson Thacher & Bartlett; Li Lin – Simpson Thacher & Bartlett; Tom Lort – Simpson Thacher & Bartlett; Sinead O’Shea – Simpson Thacher & Bartlett; Pauline Patat – Simpson Thacher & Bartlett; Étienne Renaudeau – Simpson Thacher & Bartlett; Theon Richards – Simpson Thacher & Bartlett; Nicholas Shaw – Simpson Thacher & Bartlett; Claire Williams – Simpson Thacher & Bartlett; Alex Wilson – Simpson Thacher & Bartlett; Jiaying Zhang – Simpson Thacher & Bartlett;

Law Firms: Ashurst; Simpson Thacher & Bartlett;

Clients: ContourGlobal; KKR;

Author: Giulia Di Palma