Baker McKenzie has advised Enagás and Elecnor on the agreement to jointly and equally sell the Mexican companies Gasoducto de Morelos and Morelos O&M to Macquarie for a total amount of US$173.8 million (154.2 million euros). Specifically, the purchase of the Mexican companies was carried out by MIP V International, a subsidiary of the Macquarie fund.
Partners Antonio Morales and Jose Morán led the Baker McKenzie team with the support of Juanjo Corral (Partner), and Carlos Suárez (Senior Associate).
Commenting on the transaction, Antonio Morales said, "We are very proud to have been trusted by Enagás and Elecnor to advise them on a strategic divestment for their business plans. I am delighted to have been able to provide our clients with cross-border advice and a team that understands all the cultural factors and the political and economic challenges of this type of transaction, something in which we are leaders as a law firm".
Elecnor has explained that the transaction, subject to the fulfillment of certain conditions, will likely close during 2022. For its part, Enagás has stated that the transaction is part of the asset rotation policy announced in its strategic plan. In 2012, the Spanish companies acquired 100% of the company awarded the construction and operation of this gas pipeline, which has a length of 172 kilometers and crosses the states of Morelos, Puebla and Tlaxcala.
This is the latest example of Baker McKenzie's work in advising on high profile and complex transactions, and confirms Baker McKenzie's position as a transactional powerhouse.