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Wednesday, April 17, 2024

Baker McKenzie advises Enagás and Fluxys on acquisition of Axpo’s stake in TAP

A cross-border Baker McKenzie team has advised Enagás and Fluxys on the acquisition of Axpo's current 5% stake in Trans Adriatic Pipeline (TAP), a cross-border transaction valued at €210 million. Axpo was advised by Swiss firm Schellenberg Wittmer (SW)

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Axpo agreed on the sale of its 5% stake in the Trans Adriatic Pipeline AG (TAP) to TAP shareholders Fluxys and Enagás S.A, it was announced today. Under the sale and purchase agreement, Belgium’s Fluxys will acquire 1% and Spain’s Enagás 4% of Axpo’s 5% equity stake. Both companies will thus reach 20% ownership of TAP, which includes UK shareholder bp (20%), Azerbaijan’s SOCAR (20%), and Italy’s Snam (20%).

The value of the transaction amounts to €210 million. The transaction is subject to customary conditions and closing is expected in the second half of 2023.

Axpo Group CFO Joris Gröflin said: “Axpo continues to pursue its three-pillar business strategy, focusing on our Swiss business, renewable energies and trading & origination. While the company has decided to transfer its stake in the project, TAP will remain a strategic partner for us, as Axpo Solutions AG will continue to market for the long-term gas volumes secured from the Shah Deniz consortium. In the current international context and considering the historically tight market conditions during the summer of 2022, supply security and diversification across gas supply chains remain key priorities for Switzerland and Europe as a whole. Gas transported via TAP provides a much-needed new energy source for households and businesses alike, also boosting the security of supply for Swiss consumers.”

The closing of the transaction will occur when certain regulatory conditions are met.

A cross-border Baker McKenzie team, led by partners Antonio Morales, Juanjo Corral, and Paloma Martinez-Lage, has advised Enagás and Fluxys on the acquisition. Axpo was advised by Swiss firm Schellenberg Wittmer (SW) with a team led by Corporate and M&A partner Lorenzo Olgiati.

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