Kinstellar advises MET Group on its acquisition of Tigáz
December 2017 − Kinstellar has successfully assisted the Swiss-based MET Group in entering into an agreement for the acquisition of 98.99% of the registered capital and voting rights in the Hungarian company Tigáz Zrt from the Italian oil & gas giant Eni, including Eni’s gas distribution operations in Hungary through its participations in Tigáz DSO and Turulgáz.
The deal, which is the largest M&A transaction in the Hungarian natural gas sector in 2017, is expected to be closed in the second quarter of 2018, subject to regulatory approval.
Tigáz owns and operates a 33,700 km-long network in north-eastern Hungary (representing 48% of the national grid) and 1.2 million delivery points in a regulated market environment. MET Group is active in the European natural gas, power and oil markets. The deal was reached after a competitive tender and completes Eni's exit from the gas sector in Hungary.
The Kinstellar team was led by Partner Anthony O’Connor who managed the preliminary legal due diligence process and the preparation and negotiation of the share purchase agreement with Partner and head of the firm-wide energy practice Kristóf Ferenczi, who advised on all intricate energy sector regulatory issues (such as unbundling matters). The team also included energy law expert and Managing Associate Balázs Sepsey and Partner Péter Vörös, who covered the competition law implications of the transaction. Given the project’s complex structure the Kinstellar team was also supported by other lawyers with expertise in all related legal fields.
For more information please contact Partners Anthony O’Connor, at , or Kristóf Ferenczi, at .
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