CMS Advises on Largest Industry Deal in Austria
Norwegian oil company Statoil sells interests in four oil and gas fields in the North Sea to Austrian company OMV. CMS provides legal advice to Statoil on the deal. At 2.65 billion USD (close to 2 billion EUR), it is the largest acquisition in the history of the Austrian industry.
OMV acquires 19 per cent in the producing oil and gas field Gullfaks and 24 per cent in the oil and gas development project Gudrun on the Norwegian Continental Shelf. The deal also covers 30 per cent in the oil field development Rosebank and 5.88 per cent in the oil field redevelopment project Schiehallion in the UK (west of the Shetland Islands). In addition, OMV and Statoil have agreed on an optional participation in eleven of Statoil’s exploration licences in the Faroe Islands, west of the Shetland Islands, and in the Norwegian North Sea. The purchase price for the stakes amounts to 2.65 billion USD (close to 2 billion EUR) and is subject to customary adjustments for the year 2013, which will add a further 500 million USD. The (retroactive) effective date for the transaction, which is yet to be approved by the cartel authorities, is 1 January 2013.
CMS, one of the leading international law firms, advised Statoil on the deal. The international team was led by CMS London partner Bob Palmer. At CMS Vienna, Günther Hanslik advised on the transaction.