Gide and Cuatrecasas have jointly advised Total in the context of the acquisition of Energías de Portugal’s portfolio of 2.5 million B2C customers and two gas-fired combined cycle power plants, which represent an electricity generation capacity of nearly 850 megawatts. The transaction, entered into on 16 May 2020, is based on an enterprise value of €515 million. It remains subject to conditions precedent, including regulatory approval and should be finalized before the end of 2020.
This deal serves Total’s ambition to achieve Carbon Neutrality by 2050 for its worldwide business across its production and energy products used by its customers, and to play a major role in the energy transition in Europe, Spain being among the first countries to have adopted an objective of Carbon Neutrality by 2050.
The Corporate/M&A team is led by Antoine Tézenas du Montcel, partner of the Paris office of Gide and by Mariano Ucar, partner of the Madrid office of Cuatrecasas. They are assisted by Paul Guillemin (counsel) and Xavier Lecomte, in Paris, and by Luis Perez de Ayala (partner), Marta Benjumea and Pedro López-Dóriga, in Madrid.
The antitrust team is led by Ségolène Pelsy, partner of Gide's Brussels office, assisted by Chloé Lameille, and by Andrew Ward, partner of Cuatrecasas' Madrid office.