Global legal practice Norton Rose Fulbright has advised Canadian Vermilion Energy Inc. on the acquisition of a 25 percent interest in four producing natural gas fields and a surrounding exploration license located in northwest Germany from GDF SUEZ E&P Deutschland GmbH (GDF SUEZ). GDF SUEZ is selling its interest in a consortium consisting of four partners.
The purchase contract was signed on November 6, 2013. The acquisition, which remains subject to the receipt of necessary approvals by all partners of the consortium, has an effective date of January 1, 2013, with closing targeted for December 31, 2013.
The consortium was established in 1956 by ExxonMobil, Wintershall, BEB Erdgas und Erdöl (a joint venture between ExxonMobil and Deutsche Shell), and GDF SUEZ. ExxonMobil is the operator of the assets held by the consortium. With the purchase, Vermilion will be able to participate in the exploration, development and production of these assets. In addition, Vermilion will receive an equity interest in Erdgas Münster, a long-existing joint venture to jointly transport, process, and market gas in northwest Germany.
Vermilion is a Canadian-based international oil and gas producer focused on the acquisition, exploration, development and optimization of producing properties. The company currently operates producing properties in Western Canada, France, Netherlands and Australia. Vermilion is listed on the Toronto Stock Exchange and the New York Stock Exchange. This acquisition represents Vermilion’s successful entry into the German exploration and production business. The company thereby invests in a long history of oil and gas development activity as well as a long-established energy infrastructure in Germany.
Klaus von Gierke, head of corporate and head of the Hamburg office at Norton Rose Fulbright commented:
“This transaction, which was successfully negotiated by a Canadian and German team, highlights the benefit of our global offering to clients and our strength in the energy sector. It also shows Germany’s continued popularity as a partner for foreign investors and the strength of our German teams to advice on cross border deals.”
Vermilion has been a long standing client of Norton Rose Fulbright Canada. The Norton Rose Fulbright team advising Vermillion included:
Partner: KayLynn Litton (lead, corporate/M&A and commercial, Calgary), Klaus von Gierke (corporate/M&A and commercial, Hamburg), Uwe Eppler (tax, Hamburg), Christian Filippitsch (antitrust and competition, Brussels).
Associates: Susanne Forysch (Of Counsel, Energy, Munich), Katharina von der Heyde, Frank Volpers, Thomas Kirschfink (corporate/M&A and commercial, all Hamburg), Alexander von Reuss (tax, Hamburg), Max Seuster (antitrust and competition, Brussels).
The seller, GDF SUEZ, was advised by Linklaters (Berlin).
