Leading global law firm Baker McKenzie advised MET Group, the Swiss-based energy group, in its transformation into a management-owned company. While the foregoing shareholders have divested all their holdings in the company, MET Group managers will participate via a share program through MET ManCo AG for up to 20%. Baker McKenzie has advised MET Group on the legal structuring as well as the acquisition financing aspects of this transaction which closed on 29 May 2018.
MET Group is an established player on the European energy market being present in 15 countries and active in 28 national energy markets. The company aims to become a leading long-term player in the consolidated European energy market. Insofar the transaction is beyond an ownership change – it is driven by the aim to create a platform for growth with a clear strategic direction. MET Group thereby meets the challenges of the European energy market, based on increased competition given by the change in EU legislation (‘unbundling’) a decade ago. In order to scale up to remain competitive, the management buyout has been the first of two steps MET Group is initiating to implement its growth strategy. In a second phase the company aims to attract significant growth equity.
The Baker McKenzie team advising MET Group was led by Dr. Alexander Fischer and Petra Hanselmann (Corporate / M&A, Partners) and further included Mario Kumschick (Tax, Counsel), Dr. Philip Spoerlé (Banking & Finance, Associate) and Benedikt Rutscheidt (Corporate / M&A, Trainee Lawyer).