Allen & Overy advises Uniper on sale of Hungarian gas fired power plant Gönyű to Veolia

Uniper Hungary owns and operates the Gönyű gas-fired power plant in north-west Hungary, which now has a capacity of 430 MW and has been playing a key role in Hungary's energy transition since 2011. The shares are being acquired by a Hungarian subsidiary of the French listed company Veolia S.A., which with its around 170,000 employees operates worldwide in the fields of water/wastewater, waste disposal and energy supply.

The sale comprises one of the conditions that Uniper must meet under EU state-aid law. On 20 December 2022, the European Commission approved a financial stabilisation package for Uniper under state aid law. The stabilisation package was agreed between the German Federal Government, Uniper and the then majority shareholder Fortum in light of the limitations in Russian gas supplies that had begun in June 2022 and the resulting financial losses. In approving the package, the Commission defined a series of remedial structural measures that Uniper is required to implement. These included the sale of the Gönyű plant.

Completion of the transaction is subject to various official clearances which are anticipated in the second half of 2024. The parties have agreed not to disclose the purchase price.

The team from Allen & Overy Germany is being jointly led by partners Dr Nicolaus Ascherfeld and Dr Jonas Wittgens (both Hamburg) and also includes partner Dr Hans Diekmann (Düsseldorf), senior associate Dr Jan Danelzik (Düsseldorf) and associates Daniel Wendler and Dr Frederik Hillmann (both Hamburg; all Corporate/M&A). Tax advice is being provided by partner Dr Magnus Müller and senior associate Dr Jens Denninger (both Tax; Munich) and advice on merger control by partner Dr Börries Ahrens and counsel Dr Ioannis Thanos (both Antitrust; Hamburg). Support for questions relating to French law is being provided by partner Dr Frédéric Moreau (Corporate/M&A; Paris).

Wolf Theiss (Budapest, Hungary) is advising Uniper on questions relating to Hungarian law.

Uniper's in-house legal team is being led by Ulrich Krockenberger (Vice President Legal | M&A) and Theresa Witt (Legal Counsel Legal | M&A).