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Baker Botts Represents Subsidiaries of the En+ Group in a Loan Transaction from Sberbank and VTB Bank to Acquire 40.29% Stake in Irkutskenergo

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Deal Description: June 2016 - Telmamskaya GES LLC (100% subsidiary of EuroSibEnergo Group, which is part of the En+ Group) obtained a syndicated loan from Sberbank and VTB Bank (PJSC).

The loan was used to acquire a 40.29% stake in Irkutskenergo PJSC from Inter RAO Group for an amount of RUB 70 bln (ca. US$ 1.1 bln). As a result of the acquisition, En+ through its subsidiary, EuroSibEnergo, consolidated more than 90% of the shares in one of Eastern Siberia’s largest electricity generating assets.

The acquisition of shares in Irkutskenergo is one of the largest and most high-profile M&A transactions involving Russian electricity sector assets in recent years. The debt financing of the acquisition is one of the select few syndicated financings to date in Russia done fully under Russian law to the highest international standards for such transactions. Baker Botts' involvement in this transaction is another evidence of the strength of the firm's offering in the finance and energy spaces in Russia and the broader CIS region.

Baker Botts represented Telmamskaya GES LLC as the borrower and other members of the En+ Group as sponsors in the transaction.

Baker Botts Lawyers/Office Involved: Konstantin Garmonin (Partner, Moscow); Kira Gladkoborodova (Associate, Moscow).

 

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