Gleiss Lutz advises Ardian on sale of a minority interest in ENCEVO

Gleiss Lutz has advised private equity investment firm Ardian on the German law aspects of the sale of a minority interest in Luxembourg-based holding company Encevo S.A. The buyer, China Southern Power Grid International, is a wholly-owned subsidiary of state-owned grid operator China Southern Power Grid. The parties have agreed not to disclose the purchase price. Closing of the transaction is still subject to the customary regulatory clearances.

The independent investment company Ardian currently manages assets to a value of some 65 billion US dollars for its investors in Europe, North America and Asia. Approximately 470 staff across twelve offices offer the 610 investors a large range of alternative investment classes.

Holding company Encevo S.A. manages the Encevo Group, which mainly comprises energy provider Enovos and grid operator Creost. The Encevo Group currently employs a workforce of over 1,500 staff members, has over 300,000 delivery points (electricity and natural gas) and operates more than 10,150 km of electrical power lines and over 3,700 km of gaslines.

Luxembourg law firm Arendt & Medernach acted as lead counsel. Gleiss Lutz advised on all aspects of German law in connection with the transaction. The following team of Gleiss Lutz lawyers, led by Dr. Thomas Menke (partner, lead, corporate/M&A), advised Adrian on the transaction: Dr. Jacob von Andreae (partner, public law, both Düsseldorf), Dr. Markus Martin, Sava Kasaliyski (both Stuttgart), Domingo de Prada, Michael Neher (both Frankfurt, all corporate/M&A), Dr. Burkhard Jäkel (Partner), Vanessa Bayliss (counsel). Dr. Mohamed Assakali (all finance, all Frankfurt), Dr. Steffen Krieger (partner), Mara Schmidt-Klie (both employment, Düsseldorf), Dr. Lars Kindler (public law, Berlin).