NewsAllen & Overy advises on the sale of majority stake in GasNet

Allen & Overy is advising Macquarie Asset Management (Macquarie), on behalf of managed funds, on the disposal of its 55.21% indirect interest in GasNet, the Czech Republic’s largest gas distribution network, and GasNet Služby, an associated network maintenance and operations business. The terms of the transaction represent an enterprise value for the business of approximately EUR 4 billion.

The regulated gas distribution network transports energy to 2.3 million connection points via 65,000 kilometres of pipelines that cover 80 per cent of the country. Allen & Overy advised Macquarie on its entry to the business in 2013 and on further increases of its stake.

The Allen & Overy team working on the transaction is led by infrastructure partner Jan Skuhravý and senior associates Cathy Gilmartin and Jana Chwaszcz and assisted by associates Martin Vykopal and Denisa Jonášová.

Regulatory advice is being provided by London-based partner Thomas Masterman, counsel Andrew Fincham and associate Amol Vani and Prague-based senior associate Ivana Halamová Dobíšková. Luxembourg law advice is being provided by partner Sylvain Cailleau and associate Mathieu Robert. Tax law advice is being provided by partner Tim Harrop and associate Lachlan Black.

Commenting on the transaction, Jan Skuhravý said: “We are delighted to have supported Macquarie throughout the life of its investment in GasNet over the last decade.”