Linklaters has advised Bank of Ireland on its sale and purchase agreement to sell a portfolio of €670m of project finance loans to GE Energy Financial Services (General Electric Capital Corporation) for a price of around 92 per cent of these commitments. These loans relate to a portfolio of conventional and renewable energy assets across North America, UK, Continental Europe and the Middle East.
Bank of Ireland is the only domestic lender in Ireland to avoid falling into state control. It announced on 10 August 2011, together with its interim results, that it intended to divest around €10b of its non-core loan portfolios by 31 December 2013. The sale of Bank of Ireland's project finance loans was one of four divestments announced by Bank of Ireland on 14 October 2011, totalling around €5b of loans.
The Linklaters team was led by projects partner Stuart Rowson and corporate partner Simon Branigan in London.
Stuart Rowson said:
"The firm's experience in this area was one of the key reasons Bank of Ireland looked to Linklaters to assist them with this disposal and other associated disposals of project finance loans. This deal drew upon the expertise of a cross-practice, multi-jurisdictional Linklaters team."
For further information, please contact: Rupert Winlaw on + 44 20 7456 3219 or Katie Taylor on (+44) 20 7456 2287
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Notes to editors
- Linklaters LLP is a leading global law firm, supporting clients in achieving their strategies wherever they do business. We use our expertise and resources to help clients pursue opportunities and manage risk across emerging and developed markets around the world.
- Linklaters is a recognised market leader for advice on public takeovers, cross-border and multi-jurisdictional mergers and acquisitions, joint ventures, disposal and other corporate advisory matters and capital markets issues. Our clients are drawn from a broad base including the FTSE 100, Fortune 500, DAX 30, CAC 40 corporates, private equity houses, investment banks and governments.
- Linklaters is a market leader in international project and acquisition transactions and PFI/PPP both in terms of sector experience and global coverage. We have dedicated energy and infrastructure partners in the UK, New York, France, Germany, Spain, Portugal, Italy, Moscow, CEE, Dubai, China, Tokyo, Thailand, Singapore and Brazil.
- Other advisers included Bingham McCutchen - Legal advisers to the Buyer; Kinstellar - Hungarian legal adviser to the Seller; Blake, Cassels & Graydon LLP - Canadian legal adviser to the Seller; Al Tamimi - Qatar legal adviser to the Seller; Dundas & Wilson - Scottish legal adviser to the Seller
