Following National Grid’s £13.8bn separation of its gas distribution business to create Cadent, general counsel Mark Cooper will hold a panel review later this year.
Since its spin-off, a roster of 12 firms that previously acted for National Grid continues to advise Cadent. The firms are Addleshaw Goddard, CMS Cameron McKenna, DLA Piper, Eversheds Sutherland, Herbert Smith Freehills, Linklaters, Berwin Leighton Paisner, Bircham Dyson Bell, Dentons, Irwin Mitchell, Norton Rose Fulbright and Shakespeare Martineau.
Cooper told Legal Business that Cadent has been mirroring previous National Grid arrangements for all supply contracts in the months following the split in December 2016. He expects the current 12 firms to be in place until the full panel review commences.
‘Later this year we’re going to review our firms to make sure it works for clients. I’m not sure if we’ll need 12 but we will do a proper review to check what we do need.’
Cooper was one of the lead lawyers for National Grid on the transaction to sell off a majority stake in the gas business last year. The 61% equity interest in the gas distribution business was sold to a consortium led by Macquarie Infrastructure.
A raft of firms gained spots on the deal, including Linklaters, Clifford Chance, CMS, Eversheds Sutherland, Cleary Gottlieb Steen & Hamilton, Addleshaws, DLA and Irwin Mitchell.
tom.baker@legalease.co.uk