Ashurst advised Oranje-Nassau Groep, a wholly-owned subsidiary of Wendel, in relation to the sale of its oil and gas division to a Dyas-led consortium comprising ONH B.V., Dyas UK Limited and Sumitomo Corporation.

The net price for this transaction is €630m. After repayment of €125m in debt, Oranje-Nassau Groep will realise a capital gain on disposal of nearly €350m, and the net cash proceeds for Wendel will be around €505m. The deal received approval from Wendel and Oranje-Nassau Groep boards on 6 May 2009, and was completed on 15 May 2009.

The Ashurst team was led by global head of energy Geoffrey Picton-Turbervill, with assistance from energy associates Hannah Croft and Rosie Lord, and tax specialist Tom Cartwright.

De Brauw Blackstone Westbrock (Paul Cronhein and Robbert Tan) advised Oranje-Nassau Groep on the Dutch law aspects.

Commenting on the transaction, Geoffrey Picton-Turbervill said:

"This is a sizeable deal in the current climate. Closing such a deal at a time when energy markets are so volatile was a challenge which required us to draw on our significant experience in oil and gas, and all the parties involved to work in close co-operation. We have had a long association with Oranje-Nassau Groep over the years, in particular in working with them to grow the energy business, and are delighted to have been able to advise on this significant transaction."