Slaughter and May, working as an integrated team with Cravath, Swaine & Moore LLP, is advising longstanding client Centrica plc on its agreement to sell its North American energy supply, services and trading business, Direct Energy, to NRG Energy, Inc. for $3.625 billion in cash (equivalent to approximately £2.85 billion).
The transaction is conditional upon approval by Centrica’s shareholders as a Class 1 transaction under the UK Listing Rules and various other approvals, including regulatory approvals.
Slaughter and May and Cravath are supporting the in-house legal team at Centrica, led by Justine Campbell (Group General Counsel & Company Secretary), Sarah Carter (Head of Legal, Corporate and M&A) and Thomas Smith (General Counsel, North America). The Slaughter and May team is being led by Hywel Davies and Rob Innes, and the Cravath Swaine & Moore LLP team by Erik Tavzel and Andrew Elken.