A&O Shearman Advises Bank of America and BNP Paribas on £10.8bn Bridge Financing for ENGIE’s £10.5bn Acquisition of UK Power Networks

"A&O Shearman advised Bank of America and BNP Paribas on the financing package for ENGIE’s acquisition of UK Power Networks (equity value GBP 10.5bn). The firm worked on a GBP 10.8bn bridge facility, arranged and underwritten by BofA and BNP Paribas, and on ENGIE’s ~EUR 3bn accelerated private placement (107,142,857 new shares) to help preserve its investment‑grade rating and fund the transaction. UK Power Networks distributes 71 TWh annually to 8.5 million customers across a 192,000 km network under three licenses covering London, southeast and eastern England."