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Allen & Overy advises HGV also on option agreement for the purchase of 74.9% of the Hamburg gas grid

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Schaefer Helge
Dr Helge Schäfer



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Rüdiger Klüber
Dr Rüdiger Klüber



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01 December 2014

Allen & Overy LLP advised HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH (HGV), a holding company of the Free and Hanseatic City of Hamburg (FHH), on an option agreed for the purchase of 74.9% of Hamburg Netz GmbH, which operates the gas grid in the area of the FHH, from HanseWerk AG (formerly E.ON Hanse AG). With the acquisition of this stake, Hamburg Netz GmbH would become wholly owned by HGV.  The purchase option may be exercised by HGV with effect as of the end of 31 December 2017. The corresponding agreements were notarised on 28 November 2014 and are still subject to approval by the senate of the FHH and by the supervisory board of HanseWerk AG. 

Allen & Overy already advised HGV on the acquisition of all shares in Stromnetz Hamburg GmbH from Vattenfall GmbH, including the relevant service divisions and metering as well as the traffic service, which was consummated at the beginning of this year. The Allen & Overy team advised HGV also on an option agreement for the purchase of the entire Hamburg district heating business from Vattenfall GmbH and Vattenfall Europe Wärme AG, respectively. The repurchase of the entire Hamburg power grid, district heating system and gas pipeline network by the public sector was envisaged after a referendum under the Hamburg Constitution was held and accepted by a majority of voters in September 2013.

The Allen & Overy team comprised partner Dr. Helge Schäfer (transaction management), counsel Dr. Rüdiger Klüber and senior associate Dr. Fabian L. Christoph (all corporate/M&A), who were supported by partners Dr. Jan Schröder (corporate insurance law/pensions, Düsseldorf), Markulf Behrendt (employment, Hamburg), Dr. Heike Weber (tax, Frankfurt), Dr. Olaf Otting (public law, Frankfurt), Jürgen Schindler (antitrust, Hamburg/Brussels), senior associate Dr. Udo Olgemöller (public law, Frankfurt) and associates Gunnar Harlacher (tax, Frankfurt) and Vera Thiemann (antitrust, Hamburg).