Shearman & Sterling advised the German-based power and gas group E.ON in the divestiture of its Hungarian gas storage and trading activities to the Hungarian state-owned energy group MVM Hungarian Electricity Ltd. E.ON concluded an agreement to sell its 100-percent stakes in E.ON Földgáz Trade and E.ON Földgáz Storage to MVM. Including the assumption of debt, the purchase price for both companies is around €870 million.
E.ON Földgáz Trade is Hungary’s largest gas supplier and has gas procurement contracts with domestic and foreign producers. E.ON Földgáz Storage has a storage capacity of 4.2 billion cubic meters, making it the country’s largest provider of gas storage services.
The transaction is subject to antitrust and regulatory approval and is expected to close in the second half of 2013.
E.ON had acquired the gas trading and storage activities from MOL in 2005.
The Shearman & Sterling team representing E.ON includes the partnersHarald Selzner, Martin Neuhaus, Hans Diekmann, Rainer Wilke (all Düsseldorf-Mergers & Acquisitions), Bodo Bender (Frankfurt-Tax), Winfried Carli (Munich-Finance), Counsel Joachim Grittmann (Frankfurt-Mergers & Acquisitions) as well as associates Natalie Daghles, Georg Gellißen, Christoph Neven, Tim Odendhal, Giuseppe Sferrazza (all Düsseldorf-Mergers & Acquisitions), Hartmut Häselbarth, Stefanie Valta (both Frankfurt-Mergers & Acquisitions) as well as Matthias Weissinger (Munich-Finance).
