Links, Herbies lead on £2.3bn British Energy deal
Linklaters and Herbert Smith have advised on Centrica's renegotiated purchase of a 20% stake in British Energy from EDF. Last September Centrica agreed to pay French energy giant EDF £3.05bn for a 25% stake in British Energy, but after shareholder pressure not to overpay in the wake of a fall in electricity prices, Centrica will now pay £2.3bn for 20%. Linklaters was instructed by long-term client Centrica, fielding a team headed up by corporate partner Owen Clay and projects partner Fiona Hobbs, working closely with Centrica's in-house team, which is led by general counsel Grant Dawson. EDF turned to regular adviser Herbert Smith.
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