Linklaters has advised Fluxys on the A$100 million sale by Fluxys UK Ltd of its entire shareholding in Gas Management Services Ltd (GMSL) to ASX-listed Energy One Ltd, together with Fluxys’ reinvestment in Energy One. Upon completion of the transaction, Fluxys will hold an approximately 18% stake in Energy One, becoming its largest shareholder.
GMSL and Energy One are leading providers of energy market software, 24/7 operational services and market connectivity solutions for gas and power companies across Europe. The transaction brings together two highly complementary businesses and supports Energy One’s growth strategy by strengthening its European platform, expanding its customer offering and creating opportunities for operational scale.
The transaction has been structured as a share-for-share exchange, with Fluxys transferring 100% of the issued share capital of GMSL in exchange for the issuance of 7,089,780 new Energy One shares.
Completion remains subject to customary conditions, including shareholder approval under the ASX Listing Rules and approval from the Australian Foreign Investment Review Board. Closing is expected to occur in November 2026.
Linklaters advised Fluxys on all aspects of the transaction through a multidisciplinary team spanning corporate, antitrust, technology (TMT) and tax.
The corporate team was led by partner Arnaud Coibion (Brussels), together with partner Dom da Gama Campos (London) and counsel Viktor Pokorny, and was supported by associates Deborah Wong and Valentine Cordier.
Linklaters worked alongside Australian counsel Allens, with Michelle Bennett, Elise Blume and Lawrence Ward advising on the Australian aspects of the transaction.
The wider Linklaters team included Jonny Ford, Liliane Gam, Florian Joniaux and Tom Clare (Antitrust); Georgina Kon, Tatum Govender, Milan Banjac Reid and Andrea George (TMT); and Sam Lintonbon, Bonnie Yeung, Philip Gilliland and Louise-Marie Kotze (Tax).
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