On Jan. 5, Centrica plc completed its sale of Direct Energy, its North American energy supply, services and trading business, to NRG Energy Inc. for US$3.625 billion, or approximately £2.85 billion, in cash.
Centrica is the largest energy supplier in the U.K., providing heat and electricity services to a variety of residential and business customers. Centrica intends to use the proceeds from this transaction to reduce net debt, and to focus on its home core markets of the U.K. and Ireland.
NRG Energy, based in Texas, U.S., is a power supplier in North America focused on energy generation and retail electricity. By this acquisition, NRG adds over 3 million Direct Energy customers to its retail portfolio, with a customer base comprising residential, small and large business and industrial components, and serves all 50 U.S. states and significant parts of Canada.
McCarthy Tétrault LLP acted as Canadian counsel to Centrica and Direct Energy with a team led by
David Woollcombe,
Cathy Samuel,
and which included
Niki Gill (corporate/M&A),
Joseph Palin (financial services),
Patrick McCay,
Rob Nearing,
Nicolas Cloutier,
Wendy Brousseau,
Salvatore Mirandola,
Steve Marshall (tax),
Kelleher Lynch,
Randy Bauslaugh,
Deron Waldock (pensions and benefits),
Don Houston,
Jonathan Bitran,
Erin Keogh (competition),
Ben Aberant (employment),
Mendy Chernos,
Kara Smyth,
Reena Goyal,
Keith Guinn,
Nicole Fitz-Simon,
Nathan Stewart (litigation/risk),
Kimberly Howard (regulatory/environmental).
Cravath, Swaine & Moore LLP and Slaughter and May were joint counsel.
Torys LLP acted as Canadian counsel to NRG Energy with a team led by
Janan Paskaran,
and which included
Ian Gordon,
Collin Intrater,
Carleigh Kennedy,
Tanis Makowsky (corporate/M&A),
Lou Cusano,
Jonathan Myers,
Tim Pavlov,
Taylor Campbell (regulatory),
Omar Wakil,
Ian Li (competition),
Tom Stevenson,
Patrick Denroche (pensions and employment).
Baker Botts LLP and Latham & Watkins LLP, were also opposing counsel.