Schellenberg Wittmer advised Axpo Solutions AG on the sale of its 5% stake in Trans Adriatic Pipeline (TAP) to TAP's shareholders Enagás and Fluxys for EUR 210 million. Fluxys acquires 1% and Enagás 4%. The transaction is subject to customary conditions and closing is expected in the second half of 2023.
TAP operates the natural gas transportation infrastructure from the Greek-Turkish border through Greece, Albania and the Adriatic Sea to Southern Italy. The 878 km pipeline is part of the 3,500 km Southern Gas Corridor, transporting natural gas to Europe from the Shah Deniz II field in Azerbaijan. Despite the sale of its stake in TAP, Axpo will continue to market the long-term gas volumes secured from the Shah Deniz consortium.
The team of Schellenberg Wittmer consisted of Lorenzo Olgiati (overall lead, Corporate/M&A), Elia Schunck, Melina Suter and Gian Berner (all Corporate/M&A), Olivier Favre and Fabio Elsener (Banking & Finance), Roland Mathys and Helen Reinhart (ICT), David Mamane and Amalie Wijesundera (Competition/Regulatory) as well as Roland Wild (Taxation).
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