Enagás and Fluxys acquires further into Trans Adriatic Pipeline
Baker McKenzie Switzerland, in conjunction with legal representatives from London, Madrid, Rome and Riyadh offices of Baker McKenzie, provided counsel to Enagás and Fluxys for the purchase of additional shares in Trans Adriatic Pipeline (“TAP”).
Axpo, a former shareholder, agreed to sell its 5% holding to TAP shareholders Fluxys and Enagás. As per the sale arrangement, Fluxys of Belgium claimed 1% while Spain’s Enagás obtained 4% of Axpo’s 5% equity interest. This enabled the two companies to reach a combined ownership of 20% in TAP.
The deal is worth EUR 210 million and is subject to standard conditions. Closing of the transaction is estimated to take place in the second half of 2023.
The Trans Adriatic Pipeline administers the gas transportation system from Turkey’s border with Greece through Greece, Albania and the Adriatic Sea to the south of Italy. Other proprietors of the pipeline are bp from the UK (20%), SOCAR from Azerbaijan (20%) and Snam from Italy (20%).
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 Kevin Ardüser (associate, M&A, Zurich) along with Antitrust & Competition and FDI team comprised of Paloma Martínez-Lage (partner, Madrid), Laura Gonzalez (associate, Madrid), Raffaele Giarda (partner, Rome), Antonio Lattanzio (counsel, Rome), David A. Monnier (partner, Riyadh, pictured), Marwan Othman (associate, Riyadh). Banking & Finance team included Luka Lightfoot (partner, London), Nick Parker (associate, London), Lukas Glanzmann (partner, Zurich). Regulatory was handled by Pedro Calzada (associate, Madrid).