Global law firm Ashurst advised Babcock International Group PLC on the sale of its UK electricity business, Babcock Networks Limited, to M Group Services, backed by PAI Partners, for gross cash consideration of £50 million.
Babcock Networks is a leading provider of engineering services to the UK’s overhead power transmission and distribution industry. It is trusted to deliver high quality outputs to customers such as National Grid, Scottish Power Energy Networks and Western Power Distribution. After the sale, the business will now become part of Morrison Energy Services, a division of M Group Services.
Karen Davies, relationship partner and chairman of Ashurst, said: “It has been a pleasure to advise Babcock on this transaction and to see them continue to make real progress in delivering on their group rationalization plan.
The Ashurst team was led by Aaron Shute and Karen Davies, assisted by senior partners Dallan Pitman, Richard Holmes and Shingo Ito and partner Kiara De Silva. Partner Nick Hilder and partner Abigail White advised on utilities, attorney David Razzell advised on real estate, and partner Tim Gummer and partner Shayaan Zaraq Bari advised on tax. Partner Neil Cuninghame and senior partner Danica Barley advised on regulatory matters, and attorney John Gordon and senior partner Rebecca Servian also advised on pension and incentive matters.
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