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Kirkland, Freshfields guide $1bn acquisition of stake in BP Pipelines TAP
Freshfields advises BP as Kirkland counsels Apollo-managed funds on acquisition
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Kirkland & Ellis and Freshfields Bruckhaus Deringer are guiding the $1bn acquisition of a stake in BP Pipelines TAP by Apollo-managed funds.
Freshfields is acting for BP, while Kirkland is advising the Apollo-managed funds on the purchase of the non-controlling stake in the BP subsidiary, which itself holds a 20% share in Trans Adriatic Pipeline AG (TAP).
The Kirkland team is led by corporate partners Monica Gemes, Toby Parkinson, Sara Pickersgill, Nick Appleton, Adam Larson and Stephen Noh. Also working on the deal are debt finance partners Mary Kogut, James Boswell, James McGivern, Shan Khan and Jeffrey O'Connor and tax partners Peter Abbott, Siv Devakumar, Mark Dundon and Thomas Evans.
Meantime the Freshfields effort is led by London-based corporate partner Samira Afrasiabi and global energy group head Graham Watson. The team also includes tax partner Helen Buchanan and regulatory partner Alastair Chapman.
TAP AG is the owner and operator of a key infrastructure asset for meeting European energy demand – the final 880-kilometre leg of the Southern Gas Corridor pipeline system that transports natural gas from the BP-operated Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to markets in Europe such as Greece and Italy.
Other shareholders, with a 20% stake each, are Azerbaijan's state energy company SOCAR, Italy's Snam, Belgium-based Fluxys and Spain's Enagas, according to Reuters.
The proceeds from the transaction will contribute to BP’s 2024 divestment and other proceeds target of $2-3bn, part of the company’s disciplined financial frame.
The transaction is expected to close in 4Q 2024. Upon completion, BP will remain the controlling shareholder of BP Pipelines TAP.
Apollo said in a statement that it and BP will also look to partner on additional investment opportunities, including potential co-operation in both gas and low carbon energy assets, and infrastructure.
Freshfields has a longstanding relationship with BP, including advising the oil and gas supermajor on its $10.5bn acquisition of BHP Billiton’s onshore US shale assets in 2018.
