McDermott Advises Dunkerque LNG on the Disposal of EDF’s Stake to Two Investment Consortia


PARIS – International law firm McDermott Will & Emery advised Dunkerque LNG, the owner and operator of Dunkirk liquefied natural gas (LNG) terminal, on the disposal of EDF’s 65.01% stake in the capital of the company to two investment consortia: the first made up of Fluxys, AXA Investment Managers – Real Assets and Crédit Agricole Assurances, and the second led by IPM Group and Samsung Asset Management. Across prices paid by the two consortia, the average enterprise value for the entire stake amounts to approximately €2.4 billion.

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. Thanks to its direct pipeline connection to the Belgian network, the infrastructure also offers clients easy and flexible access to the English, Dutch and German markets.

The transaction is expected to be completed in the second half of 2018, once regulatory authorizations have been obtained.

McDermott advised Dunkerque LNG on regulatory aspects of the transaction. The team was led by Paris-based regulatory partners Sabine Naugès and Laurent Ayache, supported by associate Charlotte Michellet.

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McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Dallas, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, San Francisco, Seoul, Silicon Valley and Washington, DC. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.

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