Drooms Supports Swissgrid
Largest transaction in the Swiss energy industry.
Swissgrid AG was founded in January 2005 by the major Swiss power utilities after the liberalisation of the electricity market. Since 3 January 2013, Swissgrid has been the new owner of Switzerland's transmission network, which previously was comprised of legally autonomous control zones.
Switzerland wanted to restructure its electricity market with the Power Supply Act (StromVG) because it was believed that the existing structure was no longer sufficient to handle the sharp rise in electricity trading in Europe, in addition to the increase in energy consumption. The old structure consisted of a number of legally autonomous inter-urban operators of transmission grids operating in various control zones, and it was determined that ownership and operation of the entire Swiss transmission network would be transferred to a national company that would guarantee the non-discriminatory, reliable, and efficient operation of the electricity grid. The start date for the project was 2009.
The transaction was designed as a share deal in which all shares belonging to existing network owners would be transferred to Swissgrid. The owners, in turn, would receive shares in Swissgrid as compensation. The project, named "GO!" (Grid Ownership), was divided into three sub-projects: contracts, due diligence, and finance/evaluation.
Drooms joined the GO! project in September 2010 and provided the virtual data room for the due diligence phase. The data room enabled internal and external parties to obtain secure, simultaneous access to confidential documents and featured a sophisticated user rights management tool, extensive reporting functions, and integrated Q&A management to efficiently handle the question-and-answer process.
The data rooms were opened in October 2010. During the transaction, Drooms provided data room and user management support to the project leaders and data room administrators and users.