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Thursday, February 2, 2023
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BDO assists Enagás with 20% acquisition of BBL  

Enagás has reached an agreement with Germany’s Uniper to acquire a 20% stake in the Dutch BBL Company, owner of a 235-kilometre gas interconnection linking the UK and the Netherlands. Tax, Legal, Labour and Administrative Due Diligence has been carried out by BDO for Enagás

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Following this deal, the share ownership of BBL will be as follows: Gasunie (60%), Fluxys (20%), and Enagás (20%). Following the closing of the acquisition, three Transmission System Operators (TSOs) will own this key infrastructure in Europe’s security of supply.

In this regard, the agreement allows Enagás to advance in its positioning as one of the main operators to strengthen the security of energy supply in Europe, in line with the company’s Strategic Plan.

Besides customary condition precedents with regard to regulatory approvals, the transaction is subject to a preemption right of the other existing co-owners of BBL company.

Enagás’ investment in this purchase is approximately €75 million, subject to compliance with the conditions precedent inherent to this type of transaction. 

A BDO team from Spain and Netherlands has advised on the purchase of 20% of the BBL Company by Enagás. BDO Spain team members from the Tax and Legal areas involved were: Francisco Vallés, Victor Gisbert, and Irene Barbudo.

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