Noerr advises MET Group on acquiring Gas Union's gas storage business
Noerr has advised MET Group on its acquisition of the gas storage business of Gas Union GmbH, a subsidiary of the German gas trading group VNG. A team from Noerr led by Tibor Fedke and Christoph Spiering advised the European integrated energy company headquartered in Switzerland. This transaction marks MET’s entry into the German market.
MET Group is acquiring Gas Union’s gas storage activities at four locations, with a total working gas capacity of 3.4 terawatt hours (TWh). The storage assets will provide an important addition to MET Group’s integrated energy portfolio. The closing is expected to take place before the end of this year.
MET Group is an integrated European energy company with activities in natural gas, power and oil markets. In 2019, MET Group’s consolidated sales revenue amounted to € 11.7 billion, and the volume of natural gas traded was 50 billion m³.
The Noerr team provided MET Group with comprehensive advice on all legal aspects of the acquisition. This summer, a team led by Christoph Spiering advised MET and its syndicate partner at the time, Open Grid Europe, on the Europe-wide bidding process for Gas Union. VNG, which was successful in that process, has now carved out and resold the gas storage division.
Noerr’s two lead partners Tibor Fedke and Christoph Spiering regularly advise clients on complex cross-border transactions in the energy industry and other regulated sectors.
Advisors to MET Holding AG: Noerr LLP
Dr Tibor Fedke (Berlin), Dr Christoph Spiering (Hamburg, both Corporate/M&A, joint lead), Christof Federwisch (Energy, Frankfurt), Dr Martin Geipel (Energy, Berlin), Dr Carsten Heinz (Structuring, Munich), Dr Jens Peter Schmidt (Antitrust, Brussels), Peter Stauber (Antitrust, Berlin), Dr Till Steinvorth (Foreign Trade, Hamburg)
Associates: Dr Ramon Sieven (Lead Associate, Corporate/M&A, Hamburg), Markus Brösamle (Antitrust, Berlin), Nathalie Kibler (Employment & Pensions, Hamburg), Moritz Rojek (Corporate/M&A, Hamburg), Dr Johannes Schäffer (Foreign Trade, Berlin), Dr Wolfgang Wittek (Employment & Pensions, Hamburg)