White & Case has advised Jastrzebska Spolka Weglowa S.A. (JSW) and its subsidiary Spolka Energetyczna Jastrzebie S.A. (SEJ) on the PLN 190.4 million sale of 100% of shares in Przedsiebiorstwo Energetyki Cieplnej S.A. (PEC) to PGNiG Termika. DJBW Danilowicz Jurcewicz Biedecki i Wspolnicy advised PGNiG on the deal.
The JSW Group is the largest producer of high quality hard (type 35) coking coal and a major producer of coke in the European Union. In 2015, 16.4 million tonnes of coal were extracted from its mines. The company has been listed on the Warsaw Stock Exchange since 2011.
For 40 years, PEC — which is located in Jastrzebie-Zdroj, in southern Poland — has been engaged in the creation, transmission, distribution and trade in heat. It sells 3 million GJ (gigajoules) of heat, produced in 14 facilities with a total installed power of 257.7 MW. It possesses a heating network of approximately 260km.
The funds obtained by SEJ from the sale of the PEC shares will be allocated to SEJ's 'Energetyka 2016' investment program — and in particular to finance the completion of the construction of a circulating fluidized bed.
The White & Case team in Warsaw which advised on the transaction included Partner Marcin Studniarek, Local Partner Aneta Hajska, and Associate Anna Pawelec.
The DJBW team advised PGNiG Termika S.A. on the acquisition was led by Partner Ludomir Biedecki and Attorney at Law Rafal Kozlowski.
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