Herbert Smith Freehills has advised BTG Pactual on the completion of its US$1.525 billion agreement with Petrobras International Braspetro B.V. (“PIBBV”) to establish a joint venture for the exploration and production of oil and gas in Africa. The transaction was completed on 28 June 2013.
The joint venture will be formed by BTG Pactual (and its clients acting through an investment vehicle managed and advised by BTG Pactual) of 50% of the shares issued by Petrobras Oil & Gas B.V., currently wholly owned by PIBBV. Once the corporate restructuring currently in progress is complete, the 50/50 joint venture company will hold assets currently owned by Petrobras in Angola, Benin, Gabon, Namibia, Nigeria and Tanzania and will be the vehicle of choice for additional oil and gas investments in Africa.
The Herbert Smith Freehills team was led by energy partner Simon Tysoe, assisted by senior associates Elisabeth Armstrong, Daniel Driscoll, Yann Alix and Clare Pope. Tax advice was provided by Aurell Taussig, and Nina Bowyer, Salimatou Diallo, Sabrina Lai Cheong and Ergen Ege provided support from our Paris office.
Simon Tysoe commented: “This joint venture represents an important step for our client BTG Pactual in the African continent and in the oil and gas sector, which supports its growth and diversification strategy. We are delighted to have been able to advise on such an important strategic transaction.”
Stibbe provided Dutch law advice and local counsel were engaged in the relevant African jurisdictions.
