Clifford Chance and Linklaters lead the way on gas network deal

nat-gas-us-Article-201606240806Clifford Chance (CC) is advising the winning bidder on the auction of German gas network Thyssengas, while Linklaters is acting for the seller.

The successful consortium consists of Dutch infrastructure fund DIF and French utility EDF.

Thyssengas is a German gas pipeline network that operates more than 4,200km of pipeline, which transports up to 100 billion kilowatt hours of natural gas per year.

It was sold in a competitive auction process by Australian investment bank Macquarie, reportedly for €700m.

Other bidders included investment manager First State Investment, Belgian gas pipeline operator Fluxys, Luxembourg energy utility Enovos International, Swiss insurance fund Swiss Life Asset Managers, and Chinese gas company China Energy Reserve and Chemicals Group.

CC is representing the successful consortium, in addition to acting for one of the unsuccessful bidders, Fluxys.

The team advising DIF and EDF is being led by Duesseldorf corporate partner Anselm Raddatz. He is being supported by Duesseldorf competition partner Marc Besen, Frankfurt real estate partner David Elshorst and Frankfurt employment partner Stefan Simon.

Raddatz joined CC from Freshfields Bruckhaus Deringer, where he was co-head of global energy and natural resources late last year. He joined CC as co-head of its corporate practice in Germany.

It is understood that the CC team acting for Fluxys was led by Duesseldorf energy partner Bjorn Heinlein, Munich corporate partner Markus Muhs, Duesseldorf corporate partner Mathias Elspaß and Duesseldorf employment partner Thomas Hey.

Linklaters is acting for the seller, Macquarie. Its team is being led by Frankfurt corporate partner Ralph Drebes, Frankfurt finance partner Michal Hlasek, Frankfurt employment partner Matthew Devey and Duesseldorf corporate partner Oliver Rosenberg.

In August 2015, Drebes co-lead a team – alongside Linklaters’ senior partner elect Charlie Jacobs – advising private equity group Terra Firma and co-investor Deutsche Asset & Wealth Management, part of Deutsche Bank, on their sale of German service station company Tank & Rast for €3.5bn (£2.4bn).

Allen & Overy advised China Energy Reserve and Chemicals Group, with a team led by Frankfurt corporate partner Hartmut Krause.

Herbert Smith Freehills is representing the banking syndicate financing the deal. Its team is being led by Frankfurt finance partner Julia Mueller and Berlin corporate partner Dirk Hamann.

Hengeler Mueller acted for First State Investment, with a team led by Munich corporate partner Hans-Joerg Ziegenhain and London corporate partner Steffen Oppenlaender.

Paul Hastings acted for an Italian bidder, with a team consisting of Frankfurt corporate partner Regina Engelstaedter, Frankfurt finance partner Edouard Lange and Milan corporate partner Bruno Cova.

Taylor Wessing advised Enovos International and Swiss Life Asset Managers. Its team consisted of Berlin corporate partners Tim Heitling and Thomas Dormer. They were supported by Hamburg environment partner Dieter Lang, Hamburg competition partner Stephan Nagel and London capital markets partner Russell Holden.