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Travers Smith advises Lloyds Bank plc and Commerzbank AG on the financing of the acquisition of IEG by Ancala Partners LLP


Travers Smith LLP has advised Lloyds Bank plc and Commerzbank AG in relation to the provision of multi-currency term and revolving facilities to a special purpose vehicle established by Ancala Partners LLP ("Ancala") in order to fund its acquisition of the entire issued share capital of International Energy Group Limited and its subsidiaries ("IEG").

IEG is a leading natural gas distribution and supply business located in Guernsey, Jersey and the Isle of Man, with more than 40,000 customers connected to its networks in the Channel Islands and Isle of Man.

The Travers Smith finance team was led by partner Charles Bischoff and senior associate Matthew Smith, who were assisted by associate Phoebe Santa-Olalla and trainee Laura Kelly.

The Travers Smith derivatives and structured products team, led by partner Jonathan Gilmour and assisted by associates Vanessa Battaglia and Joseph Wren, advised Lloyds and Commerzbank on the hedging aspects of the transaction.

Ancala were advised by Herbert Smith Freehills LLP.

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