CMS is delighted to announce that it has provided legal counsel to Norwegian private equity fund HitecVision, supporting its UK subsidiary NEO Energy in securing a significant corporate joint venture with Repsol.
This partnership represents one of the largest energy deals in the UK North Sea in recent years.
The transaction will see the merging of the complete UK offshore energy operations of NEO Energy and Repsol, culminating in the formation of NEO NEXT Energy Limited.
This newly established entity is poised to become one of the leading oil and gas companies in the UK. The finalization of this merger is contingent upon obtaining the necessary approvals from relevant authorities and regulatory consents, anticipated to occur in the third quarter of 2025.
This landmark deal is part of a broader trend of consolidation within the UK oil and gas sector, with the CMS energy team at the forefront, having recently led another significant merger - the Equinor/Shell combination. Furthermore, CMS has advised on three major acquisitions for NEO Energy over the past five years.
The CMS team from its Aberdeen office has been instrumental in facilitating this joint venture through its Energy & Climate Change, Corporate, Employment and Finance teams as well as support from the wider CMS teams in Tax, Pensions and Competition.
CMS extends its congratulations to the team for their exceptional work and dedication in orchestrating this milestone transaction. Their expertise continues to position CMS as a leader in the energy sector, guiding significant mergers and acquisitions that shape the industry's landscape.