The acquisition will expand Shell's offering of residential smart energy storage and energy services
Leading global law firm Baker McKenzie has advised Shell's New Energies division (Shell) on its agreements to acquire 100% of sonnen, a leader in smart energy storage systems and innovative energy services for households. The deal, which was announced on 15 February 2019 and was subject to regulatory approvals, closed earlier today.
The Baker McKenzie team was led by London-based corporate partner David Duncan alongside London-based renewables and clean energy partner Marc Fèvre, Dusseldorf-based antitrust and trade partner Christian Horstkotte and Vienna-based antitrust and trade partner Andreas Traugott. The team was supported by corporate senior associate Daniel Neudecker in Berlin, corporate associates Jackson Martin and Saskia Volhard in London, antitrust and trade associates Alexander Iken in Berlin and Sebastian Schmid in Vienna as well as by teams from the Firm's offices in Italy (led by corporate partner Pietro Bernasconi), Australia (led by environmental markets partner Kate Philips) and the USA (led by renewables projects counsel Jeff Russell).
Commenting on the transaction, David Duncan says: "We are delighted to be supporting Shell on this important acquisition for New Energies. The deal is a very good illustration of our own work in industries and with clients at the forefront of the energy transition, and of our focus on providing cross-border advice on complex transactions."
This is the latest in a series of high profile mandates Baker McKenzie has advised on. Other recent deals include: Hitachi's US$11bn acquisition of Swiss engineering company ABB's power grid business; Unilever's €4.6 Billion acquisition of Horlicks Brand and Other Consumer Healthcare Nutrition Products from GSK; Alawwal bank's US$4.9 billion merger with The Saudi British Bank; BGEO Group PLC's demerger and cave-out of its investment business from the banking business; and SUEZ'sUS $3.4 billion acquisition of GE Water & Process Technologies.