Herbert Smith is advising long-standing client Viridian Group, Northern Ireland's main electricity supplier, on its £1.62 billion recommended takeover offer from Bahrain-based private equity firm Arcapita Bank.
Viridian is the holding company that owns Northern Ireland Electricity and has around 760,000 customers. Under Arcapita's offer, shareholders will receive a total of 1,336 pence per share.
The takeover of the Belfast-based FTSE 250 company will take place through a scheme of arrangement in the courts of Northern Ireland.
The Herbert Smith team is being led by corporate partner Anthony Macaulay. Fellow corporate partners Adam Levitt and Henry Raine are also advising, along with Derek Hill (tax), Paul Ellerman (employee incentives), Elizabeth McKnight (regulatory) and Alison Brown (pensions).
Elliott Duffy Garrett partner Michael Wilson is advising Viridian on Northern Ireland law.
Anthony Macaulay commented:
"It is a pleasure to advise Viridian on a transaction of this magnitude and importance to Viridian and its shareholders."
Credit Suisse is financial adviser to Viridian, while Dresdner Kleinwort is financial adviser to Arcapita.
Linklaters is legal adviser to Arcapita.
Notes to editors
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