Centrica’s $3.625 Billion Sale of Direct Energy to NRG Energy

On July 24, 2020, Centrica plc announced that it has entered into an agreement to sell its North American energy supply, services and trading business, Direct Energy, to NRG Energy, Inc. for $3.625 billion in cash on a debt-free, cash-free basis. Cravath is representing Centrica in connection with the transaction.

The Cravath team is led by partner Erik R. Tavzel and includes associates Matthew S. Weiner and Ori Oren on M&A matters; partner Stephen L. Gordon and associates Richard Bohm, Andrew T. Davis and Luis Calderon‑Gomez on tax matters; partner Sasha Rosenthal‑Larrea and associate Nicholas J. Maida on financing matters; partner Margaret T. Segall, senior attorney Jesse M. Weiss and associate Kolja I. Ortmann on antitrust matters; partner David J. Kappos, practice area attorney Anthony N. Magistrale and associate Rohan E. George on intellectual property matters; partner Eric W. Hilfers and associates Matthew J. Bobby and Brian Diliberto on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; and senior attorney Joyce Law and practice area attorney Laurel R. Berkowitz on real estate matters. J. Turner Collins and Jessica X. Tong also worked on M&A matters.