Norton Rose Fulbright advises Marguerite on acquisition of stake in Latvian natural gas company

Business February 9, 2016

Global law firm Norton Rose Fulbright has advised the 2020 European Fund for Energy, Climate Change and Infrastructure (Marguerite) on the acquisition of 28.97% ofshares in AS Latvijas Gaze (LG), the vertically integrated gas company in charge of the transmission, distribution, storage, and supply of natural gas in Latvia.

The sale shares were acquired by Marguerite Gas I S.a.r.l from Uniper Ruhrgas International GmbH (a member of the E.ON group) and represent a 28.97% stake in AS Latvijas Gaze.

LG operates and maintains the Latvian gas transmission and gas distribution pipelines as well as the Inčukalns underground gas storage facility, the third largest storage facility in the EU and a strategic asset for the security of gas supply in the Baltics. LG also ensures the supply of natural gas to more than 400,000 domestic customers and provides gas to customers in Estonia, Northwest Russia and Lithuania.

The company has a significant ongoing CAPEX program and sponsors two projects of common interest (PCI) which will improve the regional security of gas supply. LG will soon undergo reorganization to be compliant with the unbundling provisions of the 3rd energy package (separation of the transmission and storage activities from the supply and distribution activities).

The Norton Rose Fulbright team was led by partners Tomas Gärdfors and Glenn Hall, assisted by associates Vic Kandampully and Vanessa Brierley. Partner Dominic Stuttaford advised on tax aspects of the transaction, with partner Deborah Ruff and associate Julia Belcher counselling on the arbitration provisions. Christian Filippitsch in Brussels advised on competition and regulatory aspects of the transaction, assisted by associate Max Seuster.

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