Linklaters is advising Stadtwerke München GmbH (SWM) and Bayerngas GmbH on their agreement to combine Bayerngas Norge A/S (Bayerngas Norge) with Centrica plc’s European oil and gas exploration and production (E&P) business to form a newly incorporated joint venture which will become one of Europe’s top five E&P operators.

Centrica will own 69% of the joint venture and the remaining 31% will be held by Bayerngas Norge's shareholders, led by SWM and Bayerngas GmbH. The transaction is expected to close in the fourth quarter of 2017, subject to competition and regulatory approvals and other conditions.

The Linklaters team was led by partners Nick Garland and Mark Russell, supported by Managing Associates Jacqui Rowell and Daniel Law and Associates Kay Murphy and Arani Chakrabarty. Counsel Christopher Bremme in Germany and tax partner Lynne Walkington were also key members of the team.