Enagás, S.A. (BME:ENG) and Fluxys Belgium SA (ENXTBR:FLUX) agreed to acquire 5% stake in Trans Adriatic Pipeline AG from Axpo Solutions AG in a deal valued at €210 million on January 27, 2023. 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 transaction is subject to customary conditions and closing is expected in the second half of 2023.
Alexander Fischer, Olha Demianiuk, Antonio Morales, Juanjo Corral Moreno, Paloma Martínez-Lage, Raffaele Giarda, Antonio Lattanzio, David A. Monnier, Luka Lightfoot and Lukas Glanzmann of Baker & McKenzie acted as legal advisor to Enagás, S.A. (BME:ENG) and Fluxys Belgium SA (ENXTBR:FLUX). As of March 29, 2023, Enagás, S.A. (BME:ENG) completed the acquisition of additional 4% stake in Trans Adriatic Pipeline AG. Barclays PLC (LSE:BARC) acted as financial advisor to Axpo in the transaction.