január 2019

CHSH advises OMV on its acquisition of a stake in the Abu Dhabi Oil Refining Company

CHSH Cerha Hempel Spiegelfeld Hlawati Rechtsanwälte GmbH advised OMV in connection with the purchase of a 15% share in Abu Dhabi Oil Refining Company (ADNOC Refining) and a 15% share in a to-be-established trading joint venture from Abu Dhabi National Oil Company (ADNOC). The purchase price amounts to approximately USD 2.5 bn and is dependent on the net debt as of closing and certain working capital adjustments.

CHSH has been involved for several months in the negotiations of this highly complex deal. OMV was finally selected as one of two purchasers by ADNOC after a competitive auction process. The closing of the transaction is expected to occur in the third quarter of 2019 and is subject to conditions precedent, such as merger control clearances.

The OMV in-house legal team was led by Andreas Aigner, Head of M&A Legal and consisted, in addition, of Bernhard Mörth and Bernhard Priemayer (both Senior Counsel M&A Legal). Andreas Aigner: "I am delighted that we were able to execute this major strategic Downstream deal for OMV which is likely to be one of the largest M&A transactions by an Austrian company in the year 2019."

The CHSH M&A team under the lead of Clemens Hasenauer, Head of Department Corporate Transactions, acted as Austrian transaction counsel for OMV. Clemens Hasenauer comments: "This transaction demonstrates particularly well the ability of our dedicated team to assist clients effectively in large international deals in a challenging M&A environment."

Besides Clemens Hasenauer (Partner; Corporate and M&A) the CHSH deal team consisted of Johannes Prinz (Partner; M&A and Tax), Lorenz Pracht (Partner; Corporate and M&A), Harald Stingl (Partner; Corporate and M&A), Alexander Reich-Rohrwig (Associate; Corporate and M&A) and Hanna Shin (Associate; Corporate and M&A).

Cleary Gottlieb Steen & Hamilton (Abu Dhabi law) was acting as further legal advisor for OMV.