Barclays Capital played a vital role in structuring one of the most important M&A deals that the UK power market has seen in recent years. EDF’s £12.5 billion ($18.9 billion) acquisition of nuclear generator British Energy (BE) was critical to the UK government’s pursuit of a nuclear renaissance, to reduce dependence on gas and coal-fired generation, cut carbon emissions and fill a looming supply gap.

However, EDF’s initial valuation of British Energy in July 2008 at £12.25 billion (765 pence