Baker McKenzie advises Enagás and Fluxys on TAP’s acquisition
Baker McKenzie Switzerland, along with lawyers from London, Madrid, Rome and Riyadh offices, advised Enagás and Fluxys on their acquisition of further shares in Trans Adriatic Pipeline (“TAP”). The respective increase of ownership was made possible as former shareholder Axpo agreed to sell its 5% stake to TAP-shareholders Fluxys and Enagás, as we have informed here. Under the sale and purchase agreement, Belgium’s Fluxys acquired 1% and Spain’s Enagás acquired 4% of Axpo’s 5% equity stake. Both companies will thus reach 20% ownership of TAP.
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 (20%), Azerbaijan’s SOCAR (20%) and Italy’s Snam (20%).
The Baker McKenzie Switzerland‘s team was led by partners Alexander Fischer (pictured left), Olha Demianiuk (pictured right; both from Zurich) and included Kevin Ardüser (associate, m&a, Zurich) and Lukas Glanzmann (partner, banking & finance, Zurich).
