Cases & Deals

Dresdner provides acquisition financing of Viridian Group

Client(s) Dresdner Bank

Jones Day counseled Dresdner Kleinwort Limited in connection with the recommended £1.62 billion (US $3 billion) cash offer by ElectricInvest Acquisitions Limited for Viridian Group plc, the Irish energy business that owns Northern Ireland Electricity (NIE), Energia, Huntstown Power Station and Powerteam. The offer was announced on 6 October 2006 and posted to Viridian shareholders on 27 October 2006. Jones Day also advised Dresdner Kleinwort Limited, as Mandated Lead Arranger, and Dresdner Bank AG, London branch, with the acquisition finance facilities to be made available in connection with the offer. The offer was made on the basis of £13.25 in cash per share. Viridian shareholders were also entitled to receive an interim dividend of 11 pence per share. A guaranteed loan note alternative was also made available. ElectricInvest is beneficially owned by Arcapita Bank, an international investment firm based in Bahrain with offices in London and Atlanta.