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published AUGUST 28, 2011
Norton Rose advises Vattenfall on the sale of its Polish assets

Norton Rose Piotr Strawa and Partners, LP has provided comprehensive legal advice to Vattenfall AB on the sale of 99.98 per cent of shares in Górnośląski Zakład Elektroenergetyczny S.A. (GZE) to TAURON Polska Energia S.A. (TAURON), one of Poland’s leading power companies, and the sale of Vattenfall Heat Poland S.A. (VHP) to Polskie Górnictwo Naftowe i Gazownictwo S.A. (PGNiG), one of Poland’s leading oil and gas companies. The share purchase agreements were signed on 23 August 2011. The closing of both transactions is dependent upon TAURON and PGNiG obtaining clearance for the transactions from the Polish Antimonopoly Authority.
As a result of the transaction TAURON will purchase GZE’s operations consisting in the distribution of electricity and its sale to end customers, the provision of grid services, the generation of electricity at the Zagórze wind farm as well as the provision of services by its shared services centre. The total value of the transaction is PLN 4.6 billion.
PGNiG will in turn purchase all the operations of VHP, including CHP Żerań, CHP Siekierki and CHP Pruszków, as well as HP Kawęczyn and HP Wola. The total installed capacity of the heat plants and the combined heat and power plants is equal to 4,800 MWt and 980 MWe. The total value of the transaction is PLN 3 billion.
Norton Rose Piotr Strawa and Partners, LP advised Vattenfall especially on the preparation of individual companies for sale, the vendor due diligence process, the negotiation process and the drafting of the share purchase agreements.
Vattenfall is one of Europe’s leading electricity and heat producers. GZE is the largest supplier of electricity in Upper Silesia, Poland, whereas Vattenfall Heat Poland operates the country’s largest cogeneration business.
Rafał Hajduk, Head of Energy at the Warsaw office of Norton Rose Group, said: “The sale by Vattenfall of its Polish assets is a transaction that is of immense importance to the Polish energy market and is yet another example of our cooperation with the biggest players in this sector that reflects the global strategy of Norton Rose Group.”
The Norton Rose Piotr Strawa and Partners, LP team was comprised of Rafał Hajduk (Head of Energy at the Warsaw office of Norton Rose Group), Agnieszka Stankiewicz and Jason Moss (partners in the M&A teams), Artur Jończyk (of counsel in the M&A team) and lawyers from the Energy and Corporate teams in Warsaw, and supported by Christian Filippitsch (partner) and lawyers from the Competition team in Brussels.




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