KG advised DESFA in securing a European Commission unconditional Phase I clearance for the acquisition of a jointly controlling shareholding in Gastrade

We are delighted to have obtained the unconditional clearance in Phase I by the European Commission of the acquisition of a jointly controlling shareholding by the Hellenic Gas Transmission System Operator (DESFA) in Gastrade which will develop a Liquefied Natural Gas (LNG) Floating Storage Regasification Unit (FSRU) in Alexandroupolis, Northern Greece. The Terminal is considered a Project of Common Interest (‘PCI’) for the EU (2019-2021) and a priority project for the Greek National Energy Strategy involving a €380 million investment and scheduled to enter in operation in 2023. KG’s Competition team lead by Partner Anastasia Dritsa and Associate Fenia Mylonaki and KG’s Energy team lead by Senior Partner Gus Papamichalopoulos and Senior Associate Konstantinos Varelas represented DESFA for the merger filing before the European Commission, also advising on regulatory issues, in collaboration with Herbert Smith Freehills co-counsels Kyriakos Fountoukakos, Managing Partner, Peter Rowland, Counsel and Ali MacGregor, Senior Associate and counsels for SNAM Matteo Beretta, Partner and Luciana Bellia, Cleary Gottlieb Steen and Hamilton. ZEYA’s competition team led by Partner Stamatis Drakakakis advised Gastrade and the other controlling shareholders.