Norton Rose helps Eni UK on £513m oil acquisition

Norton Rose advised Eni UK on its €590m (£512.7m) acquisition of GDF Suez’s stake in Elgin Franklin Oil & Gas Limited (EFOG).

The deal is dependent on third-party consents but is expected to close before year-end, while the sale price of €590m is still subject to certain adjustments.

EFOG is a joint venture between French power group GDF Suez and Elf Exploration UK, which is a subsidiary of Total SA. EFOG owns a 46.2 per cent stake in the Elgin and Franklin gas condensate fields in the North Sea. Following the acquisition of GDF Suez’s 22.5 per cent shareholding, Eni UK will have an indirect 10.4 per cent participation in the fields.

Norton Rose’s team was led by London corporate energy partner Mauro ­Mattiuzzo. Mark Jones was the partner giving competition advice. Norton Rose worked in tandem with the company’s in-house team, which comprised Milan general counsel Barbara Benzoni, and general counsel Mila Trezza and senior counsel Richard Waterlow in London.

Linklaters advised GDF Suez on the transaction. Corporate partner Iain Wagstaff projects partner Fiona Hobbs led on the deal for Linklaters in ­London, while corporate partner Marc Loy handled the ­transaction in Paris.