Ashfords LLP has assisted Pennon’s in-house legal team with the conditional sale of Viridor Limited by Pennon Group plc.
The sale for £4.2bn would separate the Pennon’s utilities business from Viridor’s Waste Management environmental infrastructure business.
Brian Farrell, Ashfords partner, said: “It was great to work with Pennon and its in-house team on this transaction. If conditionality is achieved, this deal would separate an old partnership between two leaders in their fields. This would allow Pennon to realise the strategic value it has nurtured and built with Viridor whilst focusing going forward on its market leading water and waste-water business, and leaving Viridor to focus on its growth opportunities in further developing its energy-from-waste capability and building recycling capacity, particularly in plastics. Congratulations to both teams.”
Simon Pugsley, Pennon GC, said: “This was an extremely exciting transaction for Pennon and Viridor providing enormous opportunities for the two businesses to grow in their own strategic directions. A transaction of this nature requires a significant expertise, resilience and effort to complete, which the Ashfords team, led by Brian Farrell, seamlessly provided in abundance.”