07.09.2023 / Deals & Cases

Deal: Wenger Vieli advised Trans Adriatic Pipeline on Axpo's 5% stake sale

Wenger Vieli advised Trans Adriatic Pipeline (TAP), a company specializing in natural gas transportation infrastructure, on all Swiss legal aspects tied to Axpo's divestment of its 5% stake.

Axpo Solutions AG sold its 5% stake in TAP to its shareholders Enagás and Fluxys for EUR 210 million. As per the terms of the sale and purchase agreement, Belgium's Fluxys secured 1%, while Spain's Enagás acquired the remaining 4% of Axpo’s stake. This strategic acquisition has propelled both Enagás and Fluxys to a cumulative 20% ownership in TAP.

The Trans Adriatic Pipeline (TAP) operates a natural gas transportation infrastructure stretching from the Greek border with Turkey to Southern Italy. Part of the 3,500 km Southern Gas Corridor sources gas from the Shah Deniz II field in Azerbaijan. Axpo was a key player in initiating this significant geo-strategic project.

The team was led by Beat Speck (Partner, Corporate/M&A) and Andreas Hünerwadel (Partner, Financing) and included Alessa Waibel (Senior Associate, Financing) and Cyrill Barmettler (Junior Lawyer, Corporate/M&A).