EDF has completed the disposal of its 65.01% stake in the capital of Dunkerque LNG, the owner and operator of the Dunkirk methane terminal, to two investment consortia: the first being made up of Fluxys, AXA Investment Managers – Real Assets and Crédit Agricole Assurances, the second led by IPM Group and Samsung Asset Management. For this transaction, EDF was advised by Baker McKenzie.
Through the price paid by the two consortia, the average enterprise value for the entire stake in Dunkerque LNG, for all these operations, amounts to €2.4 billion.
Announced on July 12, 2018, the effective completion of the transaction took place on October 30, 2018, once the necessary regulatory authorisations had been obtained.
The LNG terminal of Dunkirk, which became operational in January 2017, is one of the largest terminals in continental Europe. With an annual regasification capacity of 13 billion m³ of natural gas, the terminal is capable of satisfying 20% of the gas demand in France and Belgium.
EDF was advised by Baker McKenzie with a team led by Stéphane Davin, partner and joint head of the firm’s M&A practice in Paris, Savéria Laforce, senior associate, Antoine Caillard, senior counsel, and Noémie Devico, associate. Emmanuel Guillaume, partner, and Marie-Laetitia De La Ville-Baugé, counsel, worked on regulatory aspects.