Akin Gump Advises Bridas Corp. on Its $7 Billion Acquisition of BP’s Pan American Energy Stake

(London, United Kingdom) – Akin Gump Strauss Hauer & Feld LLP is representing long-standing client Bridas Corporation in its acquisition of joint-venture partner BP’s stake in Pan American Energy for $7.059 billion. The deal, announced on November 28, 2010, is expected to close in mid-2011. Pan American Energy is Argentina’s second-largest oil producer.

Bridas Corporation, which will acquire BP’s 60 percent stake in Pan American Energy, is co-owned by Bridas Energy Holdings and CNOOC, the Chinese state-owned oil and gas group. CNOOC acquired a 50 percent stake in Bridas Corporation from Bridas Energy Holdings in March 2010.

Rick L. Burdick, the leader of Akin Gump’s international corporate transactions practice, stated, “This is the second significant deal for the firm advising Bridas this year. The two transactions illustrate our strengths internationally.  The first was a major cross-border English law joint venture between Bridas Energy Holdings and CNOOC. The second, between Bridas Corporation and BP, was carried out under New York law. Both are transformational deals in the energy sector and capitalize on our comprehensive understanding of the industry globally.”

The deal was led by Akin Gump corporate partners Seth R. Molay in Dallas and Steven Blakeley in London, supported by teams in the United States and London.

Sullivan & Cromwell advised BP, and Baker & McKenzie represented CNOOC.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers more than 800 lawyers in the United States, Europe, Asia and the Middle East.