Milbank Advise Mandated Lead Arrangers on the Financing for the €6.6 Billion Acquisition of Fortum Distribution AB by the Borealis Consortium

Milbank are advising the Mandated Lead Arrangers to a consortium comprising Borealis Infrastructure Management, Första AP-Fonden, Tredje AP-Fonden and Folksam on a financing package for the purchase of Fortum Distribution AB, which operates and owns Fortum's electricity distribution business in Sweden.

The total consideration is approximately SEK 60.6 billion (€6.6 billion) on a debt- and cash-free basis. Fortum expects to complete the divestment process during the second quarter of 2015 subject to the necessary regulatory approvals as well as customary closing conditions.

Leveraged Finance Partner & Practice Head Suhrud Mehta is leading a multi-disciplinary team including Finance Partners Clive Ransome, Neil Caddy and James Warbey with support from Of Counsel Patrick Holmes, Senior Associates Alexandra Schofield, Chris Taufatofua and Benjamin Vicentini and Associates Jenna Darler, Danielle Brown, Michelle Gilmore, Catherine Molony, Luke Vassay, and Robert Wyse-Jackson.

“This transaction is another strong example of our team’s ability to handle the largest and most complicated financings with a very large bank group and demonstrates Milbank’s bandwidth and talent for execution given the sheer number of clients involved and the complexity of the transaction” said Mr Mehta.

The consortium was advised by Linklaters LLP.

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