Travers Smith LLP has advised Xoserve on the restructuring of its operations and carve-out of new subsidiary Correla, as well as the subsequent sale of Correla to private equity firm NorthEdge.
Xoserve is the Central Data Service Provider (CDSP) for Britain's gas market, maintaining a central register of over 24 million gas premises and providing a range of other services to gas market participants. On 1 March 2021, with a view to achieving greater value for customers, Xoserve separated into two companies. Newly created subsidiary Correla has been subsequently acquired by independent mid-market private equity firm NorthEdge.
Correla is a technology and data services company, created to be an independently owned business that will continue to drive the net-zero ambition and wider innovation in the energy market. Correla provides end-to-end visibility of the UK’s gas network with a visual and interactive analytics dashboard on its Data Discovery Platform, which enables customers to monitor the impact of Carbon reduction programmes and further support the energy industry in its decarbonisation agenda.
Following the restructure, Xoserve has become primarily a specialised contract management and assurance company, retaining its role as the CDSP and accountability for the Data Services Contract (DSC) as well as leading the ongoing business planning process, industry engagement for regulatory and strategic change and industry procurements. Correla will deliver core services back to Xoserve on a long-term basis through an arm's length commercial contract (DSC +). This contract embraces existing commitments, including the passion to continue delivering outstanding customer service, whilst enabling the flexibility to deliver new products and services.
Richard Brown, Commercial, IP & Technology Partner commented "We were delighted to be instructed by Xoserve on this ground breaking deal, and supported Xoserve over a number of months to structure, develop and implement the terms of the establishment and carve-out of Correla and then subsequently on the sale of Correla to NorthEdge. Our cross practice team worked closely with the Xoserve teams to ensure that the contractual, regulatory and corporate aspects of the deal delivered a successful outcome for Xoserve."
The Travers Smith team was led by Commercial, IP & Technology Partner Richard Brown and Corporate Partner Jonathan Walters.
The team also included Commercial, IP & Technology Partner James Longster, Commercial, IP & Technology Senior Associates Rowan Armstrong and Michael Cuthbertson, Commercial, IP & Technology Associate Sarah Robinson, Corporate Associate Gavin White, Employment Partner Alex Fisher, Employment Associate, Elliot Roberts, Head of Operational Risk & Operational Regulatory Doug Bryden, Operational Risk & Operational Regulatory Senior Counsel Jonathan Buttanshaw, Head of Competition Nigel Seay, Competition Associate Tom Davies, Real Estate Partner Alex Millar, Real Estate Associate Chris Towland and Pensions Consultant Sarah Boon.