Bakers and Freshfields on hand for $2.9bn Russian energy JV
Baker & McKenzie and Freshfields Bruckhaus Deringer have landed the mandates on a major Russian energy deal which sees Novatek and Gazprom Neft jointly acquire a 60 per cent stake in Artic Russia for $2.94bn (£1.8bn).
January 21, 2014 at 07:20 AM
2 minute read
Baker & McKenzie and Freshfields Bruckhaus Deringer have landed the mandates on a major Russian energy deal which sees Novatek and Gazprom Neft jointly acquire a 60 per cent stake in Artic Russia for $2.94bn (£1.8bn).
Freshfields is acting for Italian client Eni, which previously owned the Artic Russia stake, while Bakers took the lead for Yamal Development, the 50-50 joint venture (JV) between Novatek and Gazprom Neft.
In December 2013, Bakers also acted for natural gas giant Novatek in its share swap with Rosneft, which saw Bakers' client acquire Rosneft's 40 per cent share in Artic Russia.
Bakers fielded a team of lawyers headed by Moscow partner Alexey Frolov, ad including London energy, mining and infrastructure head Hugh Stewart, Amsterdam partners Jeroen Hoekstra and John Paans and Moscow partner Sergei Voitishkin.
"This was a major cross-border deal," commented Frolov. "Our team demonstrated again its seamless work across jurisdictions and ability to structure and close a complicated transaction within a short timeframe."
Freshfields' team was led by Moscow oil and gas head and principal consultant Sergei Diyachenko, who previously advised Eni on its $1.5bn sale of a 51 per cent stake in SeverEnergia to Gazprom in 2009. A year later, Gazprom sold its stake to Yamal.
SeverEnergia, a Russian oil and gas company which holds the development and production licenses to a number of areas in the Russia's Northern Ural District.
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