Global law firm Ashurst has advised Babcock International Group PLC in relation to the sale of its UK Power business, Babcock Networks Limited to PAI Partners-backed M Group Services for gross cash consideration of £50 million.
Babcock Networks is a leading provider of engineering services in the UK overhead line electric transmission and distribution industry. It is trusted to deliver high quality outputs to clients including National Grid, Scottish Power Energy Networks and Western Power Distribution. Following the sale, the business will now form part of Morrison Energy Services, a division of M Group Services.
Relationship Partner and Chair of Ashurst, Karen Davies, commented: "It was a pleasure to advise Babcock on this transaction and see them continue to make real strides in delivering on their plan of streamlining the Group."
The Ashurst team was led by Aaron Shute and Karen Davies, assisted by corporate senior associates Dallan Pitman, Richard Holmes and Shingo Ito and associate Kiara De Silva. Partner Nick Hilder and associate Abigail White advised on utilities, counsel David Razzell advised on real estate, and partner Tim Gummer and associate Shayaan Zaraq Bari advised on tax. Partner Neil Cuninghame and senior associate Danica Barley advised in relation to regulatory matters, and counsel John Gordon and senior associate Rebecca Servian also advised in relation to pension and incentive matters.
