Baker McKenzie represented Enagás S.A. and Fluxys on their acquisition of further shares in Trans Adriatic Pipeline AG
Baker McKenzie represented Enagás S.A. and Fluxys on their acquisition of further shares in Trans Adriatic Pipeline AG
With the help of lawyers based at its offices in five different countries, global law firm Baker McKenzie advised on the acquisition by Enagás and Fluxys of additional shares in Trans Adriatic Pipeline AG (TAP).
TAP is a key infrastructure project aimed at delivering natural gas from the Caspian region to Europe. The increased ownership of TAP will allow Enagás and Fluxys to further support the development and successful operation of the pipeline, helping to ensure a stable and reliable supply of natural gas to Europe.
The respective increase of ownership was made possible as former shareholder Axpo agreed to sell its five per cent stake to TAP shareholders Fluxys and Enagás. Under the sale and purchase agreement, Belgium's Fluxys acquired one per cent and Spain's Enagás acquired four per cent of Axpo's five per cent equity stake. Both companies will thus reach 20 per cent ownership of TAP.
Baker McKenzie has a long-standing reputation for delivering expert advice on complex cross-border transactions. The team of lawyers from multiple offices who advised on this acquisition provides a testament to the firm's ability to bring together the right experts from across its network to meet the specific needs of its clients.
The value of the transaction amounts to EUR 210 million. The transaction is subject to customary conditions and closing is expected in the second half of 2023.
The Trans Adriatic Pipeline operates the natural gas transportation infrastructure from the Greek border with Turkey through Greece, Albania, and the Adriatic Sea to southern Italy. Other owners of the pipeline are UK shareholder bp, Azerbaijan's SOCAR, and Italy's Snam. All these own (20 per cent shares each of TAP.
Baker McKenzie Switzerland advised Enagás and Fluxys on all legal aspects of the project.
Led by partners Alexander Fischer, Olha Demianiuk (Zurich) and Antonio Morales, Juanjo Corral Moreno (Madrid), the Baker McKenzie team included the following:
* M&A: Kevin Ardüser (associate, Zurich)
*Antitrust & Competition and FDI: Paloma Martínez-Lage (partner, Madrid), Laura Gonzalez (associate, Madrid), Raffaele Giarda (partner, Rome), Antonio Lattanzio (counsel, Rome), David A. Monnier (partner, Riyadh), Marwan Othman (associate, Riyadh)
*Banking & Finance: Luka Lightfoot (partner, London), Nick Parker (associate, London), Lukas Glanzmann (partner, Zurich)
*Regulatory: Pedro Calzada (associate, Madrid)
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