Baker McKenzie has advised Luminus SA on its strategic acquisition of Essent Belgium NV from Essent NV, part of the E.ON SE group. As part of the transaction, Luminus will also acquire Aralt BV, a Belgium-based subsidiary specialised in the installation and maintenance of photovoltaic solar panels.
Essent Belgium is Belgium's 5th largest provider of gas and electricity. With the acquisition, Luminus, the country's second largest provider of gas and electricity, will firmly strengthen its position as challenger on the Belgian energy market. Its market share will increase to approximately one quarter of the market.
The Baker McKenzie team worked closely together with various teams within Luminus and EDF, as well as other external advisors, to bring the transaction to fruition. The Baker McKenzie core team comprised of Koen Vanhaerents (Partner, Corporate Finance), Pieter-Jan Denys (Associate, Corporate Finance), Eline Kegels (Associate, Corporate Finance), Céline Somers (Associate, Commercial and Trade) and Elisabeth Dehareng (Partner, Data Protection).
Commenting on the deal, lead partner Koen Vanhaerents said, “We are very pleased to have assisted Luminus on this milestone transaction and look forward to seeing our client's continued growth in the Belgian energy market."
The deal is scheduled to be completed in the second quarter of 2021, subject to customary conditions.