Case study: Acquisition of a stake in the TAP Project by Enagás

September 15, 2014

THE TRANSACTION
Our Spanish and Turkish teams advised Enagás on the acquisition of a 16% stake in the Trans Adriatic Pipeline project (hereinafter, TAP) from TOTAL and E.On. Enagás and Fluxys joined forces to buy the interests of Total and E.ON, giving Enagás a 16% stake and Fluxys a 3% interest. Fluxys was already a shareholder of the target and increased its stake to 19% as a result of the transaction.

BIDDER AND TARGET
▸ Enagás is Spain’s leading natural gas transmission company and technical manager of the Spanish gas system. In Spain it operates 11,000 km of gas pipeline, five regasification plants and three strategic storage plants.
▸ The TAP is a part of the Southern Gas Corridor which is being developed to deliver natural gas from Azerbaijan to Europe through a series of pipeline projects, crossing Azerbaijan, Turkey and entering Europe through Greece. The project supports Europe in achieving its strategic goal of securing further gas supplies and meeting growing energy needs.

VALUE ADDED
▸ Prior to commencement of the sale process, Alantra organized relevant meetings in Istanbul with TAP and other Southern Corridor projects stakeholders as well as other key stakeholders which proved very useful to fully understanding the opportunity.
▸ Provision to the client of insight into a region with which they had no previous experience.
▸ Cross-border effort between the Madrid and Istanbul offices.

By Yago Sánchez September 15, 2014 Corporate News, Press Releases

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