UK: Freshfields Bruckhaus Deringer Steers Lightning Deal for £1.37bn Consolidation in Power Sector
Last Updated: 31 October 2002

Freshfields Bruckhaus Deringer advised Powergen on the £1.37bn acquisition of the British retail business and other assets of US-owned power giant TXU Europe. The deal was completed in just seven days from invitation to bid to signature. Corporate partner Peter Streatfeild said,"This was an unusually high stakes, high pressure deal, where everything had to be completed in a short timeframe. We are extremely pleased with the result, and enjoyed working with the impressive team at Powergen who put this transaction together so quickly and professionally."

Powergen’s General Counsel and Company Secretary, Fiona Stark, said, "We and Freshfields worked very well together. Freshfields provided a strong team at very short notice and operated most effectively alongside our in-house team of Henry Loweth, James Jones and myself. Together we were able to deal with a huge volume of complex issues so that we could get the deal done in time."

Energy and infrastructure group partner Patrick Wallace commented, "This was a landmark deal for the parties and for the sector as a whole. Separating TXU’s retail business and the generation assets Powergen acquired from its other activities was the key to realising their value for TXU. The purchase enables Powergen to match its generation and supply volumes more closely, which is a great benefit in the current market."

Achieving the separation in such short time required immense effort and skill from James George’s real property team, from Paul Watchman and John Bowman’s environmental team and from Nick Squire’s employment and pensions team. Peter Bloxham played a key role in advising on finance and insolvency law issues while Frank Miller masterminded the legal aspects of the fast and intense due diligence exercise.

For more information contact: Peter Streatfeild, Partner, T +44 20 7832 7021, E, Patrick Wallace, Partner, T +44 20 7832 7386, E, Graham Taylor, PR Manager, T +44 20 7785 2918, E


Freshfields Bruckhaus Deringer is a leading international law firm. With 505 partners and more than 2400 lawyers in 28 offices around the world, it provides a comprehensive worldwide service to national and multinational corporations, financial institutions and governments.

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