Noerr supports Veolia in sale of participation in BS|Energy to Thüga

Once again Noerr has advised the French group Veolia on a transaction in the German energy market. Veolia Deutschland will reduce its stake in the Braunschweig-based energy supplier BS|Energy from 74.9% to 50.1% and transfer the corresponding shares to Thüga. The sale is part of a structured bidding procedure in which the City of Braunschweig and Veolia sought a new strategic partner for BS|Energy. Thüga prevailed with the best concepts for electromobility and digitalisation as well as the best bid for acquiring the equity stake, and will become the third partner in the consortium.

As part of the transaction, Thüga acquires an indirect equity stake of 24.8% in BS|Energy from Veolia. The third partner remains the City of Braunschweig, which still holds 25.1% of the company shares via its holding company SBBG. On 12 June 2018, Braunschweig city council approved the choice of Thüga as the new consortium partner, the sale of the equity stake, and the continuation of concession contracts with BS|Energy for district heating and water. The completion of the equity investment sale is still subject to the approval of the antitrust authorities.

Noerr provided Veolia with legal and tax advice during the transaction. While the partner Christoph Spiering focused on leading the negotiations with the bidders in connection with the shareholders’ and consortium agreement, the partners Tibor Fedke and Katrin Andrä focused on the sale of shares. All activities in the bidding procedure had to be coordinated and combined. This team of partners regularly acts for Veolia, most recently on the takeover of Nuon Energie und Service from Vattenfall. Noerr also advised BS|Energy on the sale of its stake in the Mehrum coal-fired power station to EPH.

Advisors to Veolia Germany GmbH: Noerr LLP

Katrin Andrä, Dr Tibor Fedke, (Corporate/M&A, both Berlin), Dr Christoph Spiering (Corporate/M&A, Hamburg, joint lead), Dr Kathrin Westermann (Antitrust & Competition, Berlin), Carsten Heinz (Tax), Dr Michael Brellochs, Dr Ralph Schilha (both Capital Markets, all Munich), Dr Cornelia Kermel (Energy), Dr Michael Bergmann (Antitrust & Competition), Dr Julian von Lucius (Procurement), Dr Stefan Schwab, Dr Charlotte Sander (both Employment & Pensions), Dr Martin Geipel (Energy), Michael Tommaso (Tax), Julia Nieder (Corporate/M&A), Christian Burmeister (Corporate/M&A, all Berlin), Susanne Rummel (Capital Markets, Munich), Dr Sarah Götze (Corporate/M&A, Hamburg), Christian Garz (Tax)