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NOTICIAS/ NEWS DEALS - OPERACIONES published MARCH 15, 2010 Freshfields advises Elia and IFM on €810m acquisition of Vattenfall German power grid International law firm Freshfields Bruckhaus Deringer LLP has advised Belgian grid operator Elia and Australian investment manager Industry Funds Management (IFM) on the €810m acquisition of German power grid operator 50Hertz Transmission GmbH, a subsidiary of Vattenfall Europe AG. Under the terms of the agreement, IFM will own 40% of 50Hertz, while Elia will own the remaining 60% and hold operational control. The transaction was preceded by an extensive auction procedure which saw Elia and IFM become the successful bidders. Along with EnBW, RWE and Dutch TenneT, Vattenfall is one of the four major high-voltage transmission grid operators in Germany. Ludwig Leyendecker, corporate partner at Freshfields, commented: ‘In this transaction a finance investor and a strategic investor have – to our knowledge for the first time in this sector – jointly taken over another power grid. This transaction allowed us to make the best use of our experiences in both advising finance investors and our broad legal expertise in the energy sector.’ The Freshfields team was led by corporate partners Ludwig Leyendecker and Burkhard Bastuck as well as principal associates Gregor von Bonin and Christian Bornhorst and corporate associates Nicolai Seitz, Johanna Linke and Peter Stelmaszczyk. The team also included Ulrich Scholz, Thomas Janssens and Vincent Mussche (competition), Christoph Sieberg (energy), Stephan Eilers, Georg Roderburg (tax), Ian Frost, Wolfgang Kotzur (finance), Juliane Hilf, Andrea Menz (environment, planning and regulatory), Timon Grau (employment) und Stefan Stock (real estate).

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