Travers Smith LLP has advised BUUK Infrastructure on the sale of its UK smart meter business, Smart Meter Assets 1 Ltd ("SMA"), to a consortium of Arcus Infrastructure Partners and GLIL Infrastructure.
SMA is one of the largest meter asset providers to the UK electricity and gas markets, financing and leasing smart meters to energy providers under long term contracts. SMA has an installed meter portfolio of c.1.6m meters and is expected to achieve a total roll-out of over 2m smart meters.
Travers Smith has supported SMA since acting on its acquisition by BUUK Infrastructure from OVO Energy in 2016, advising on its long-term contracts with its two primary customers, OVO Energy and Utility Warehouse, as well as its network of churn contracts with other energy suppliers and supply arrangements with smart meter manufacturers.
Neal Watson, Corporate Partner, commented "We are delighted to have acted for BUUK Infrastructure on this successful transaction and to have supported SMA through its period of growth under BUUK Infrastructure's ownership. Our cross-practice team worked closely together and with BUUK Infrastructure and its other advisers to ensure that the transaction was successfully agreed with the Arcus Infrastructure Partners and GLIL Infrastructure consortium within a short timeframe."
The Travers Smith team was led by Corporate Partner Neal Watson and Commercial IP & Technology Partner Richard Brown, together with Corporate Senior Counsel AJ Venter, Associate Rob Ash and Trainee Jessica Baker, and Commercial IP & Technology Senior Associate Michael Cuthbertson, Associate Emma Riggs and Trainee Eleanor McCann.
The team also included Tax Partner Simon Skinner and Associate Lewis Currie, Employment Senior Counsel Ailie Murray and Associate Elliot Roberts, Finance Senior Associate Will Sheridan, Head of Competition Nigel Seay and Competition Associate Tom Davies, Pensions Partner Dan Naylor and Associate Alex Economides and Risk & Operational Regulatory Senior Counsel John Buttanshaw.