Company Description
GdfSuez SA is the world’s second largest utility in terms of market capitalization, with operations across the power and gas value chain in Europe, North America, South America, Asia, Africa and the Middle East.

Situation Overview
Advised Suez SA on its merger with Gaz de France SA, and its subsequent spin-off of 65% of Suez Environnement. The resulting company had a market capitalization in excess of €100 billion, and was 35% owned by the French government.

Transaction Summary
The combination of Suez and GDF created the largest utility in Europe, creating a balanced portfolio of power and gas business, with stable regulated operations in France and Belgium, and enhanced growth possibilities from global independent power production and upstream gas.