Paris Team Advises AXA and Crédit Agricole on Purchase of EDF and Total’s Majority Stake in Dunkerque LNG Terminal


We advised Axa Investment Managers – Real Assets and Crédit Agricole Assurances, as part of a consortium with European gas infrastructure company Fluxys, in acquiring a majority stake in the Dunkerque LNG terminal from EDF and Total.

EDF and Total decided to sell their respective 65.01% and 9.99% stakes in Dunkerque LNG’s capital to two groups of investors: one formed by Fluxys, AXA Investment Managers – Real Assets and Crédit Agricole Assurances, and the second led by IPM Group and Samsung Asset Management. Through the prices paid by the two consortia, the average company value for 100% of Dunkerque LNG amounts to €2.4 billion.

In operation since January 2017, the Dunkerque LNG terminal is one of the largest terminals in Continental Europe. With an annual regasification capacity of 13 billion m³ of natural gas, the terminal can satisfy 20% of the gas demands of France and Belgium. Thanks to a pipe network between the terminal and the Belgian network, the infrastructure also offers its clients an easy and flexible grid to the British, Dutch and German markets.

This deal will enable Belgium-based Fluxys (who is already a 25% shareholder of Dunkerque LNG), with AXA Investment Managers – Real Assets and Crédit Agricole Assurances, to take control of Dunkerque LNG and pursue its global growth strategy. Fluxys’s capabilities in gas and in managing methane terminals should benefit Dunkerque LNG and ensure continuity for the industry and the reliability of the terminal. EDF and Total are committed to remain customers of the terminal in the long-term.

The transaction is expected to close during the second half of 2018, subject to regulatory approvals.

Our team included Patrick Tardivy, Thierry Diouf, Diane de Catuelan, Anne-Sophie Kerfant, Margaux Azoulay and Rudy Marouani.