Weil, Gotshal & Manges LLP

Weil Leads on $28 Billion Sale to Create World’s Largest Public Oil Producer

(December 13, 2012, Weil News)

As part of Russia’s largest ever takeover, international law firm Weil, Gotshal & Manges advised the Access Industries, Alfa and Renova consortium on the sale of their stake in the Russian oil joint venture, TNK-BP, to state-owned oil company Rosneft, which signed yesterday. The transaction price is set on the basis of the valuation of AAR’s TNK-BP stake at $28 billion. Completion is conditional on certain regulatory and other matters.

As a result of the deal, it will position Rosneft as the world’s largest publicly traded oil producer with more than 4 million barrels a day, based on third-quarter results. This transformative deal will enable Rosneft to become a global leader and underlines Russia’s key role in the global oil and gas industry. Both transactions are subject to approvals from the Russian and European competition authorities which are expected to occur in H1 2013.

London partner Marco Compagnoni led the Weil team, assisted principally by Simon Lyell, along with associate Alexander Hasek, with corporate partner Peter King. Tax advice was provided by Brenda Coleman and Oliver Walker, and competition associate Neil Rigby also assisted.

US-based industrial conglomerate Access Industries is an existing client of the firm and Marco Compagnoni has advised them on a number of transactions, including the purchase on an interest in Israel-based Clal Industries and Investments earlier this year.

This significant deal caps a highly successful year for Weil’s private equity group with its involvement in a number of high-value deals, #1 position in Europe and globally in Bloomberg’s Q3 league tables, as well as the increase in Weil’s bench of London private equity transaction partners to six, following the election of Simon Lyell and Samantha McGonigle to the partnership.

This news appeared in the following outlets (may require registration/subscription):

  • Bloomberg / Bloomberg Businessweek: Rosneft Signs $28 Billion Deal With TNK-BP Billionaires (December 12, 2012)
  • The Am Law Daily: Skadden, Cleary, and Akin Banners Flying High for Big Deals in Mother Russia (December 12, 2012)
  • Law360: Rosneft To Spend $28B For Remaining Half Of TNK-BP (December 12, 2012)
  • Bloomberg / Bloomberg Businessweek: Greenberg Traurig, Skadden, Shearman: Business of Law (December 13, 2012)
  • The Lawyer: Akin Gump and Linklaters lead on ExxonMobil-Rosneft Siberian JV (December 17,2012)
  • The American Lawyer: Big Deals – BP Asset Sales; Disney/Lucasfilm; Leucadia/Jefferies (December 28, 2012)
  • Wall Street Journal: Same Old, Same Old in the Mergers Arena (January 1, 2013)
  • Corporate Counsel: Deals & Suits (February 1, 2013)
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