BTG Pactual S.A.’s US$250 Million Secured Acquisition Financing

Clifford Chance across multiple offices advised BTG Pactual S.A. this operation.

BTG Pactual operating out of its Cayman Island branch, provided the financing to Petrovida, a subsidiary of Africa Oil Corp., a Canadian oil and gas company with assets in Kenya and Ethiopia, to purchase all of Petrobras’ shares in Petrobras Oil & Gas B.V. (“POGBV”), a Dutch entity with interests in Nigeria’s Agbami, Akpo and Egina fields. The transaction was secured by assets in the Netherlands, England, Canada and the Cayman Islands. The total value of the underlying sale was approximately $1.45 billion, and the transaction marks Petrobras’s exit from its African oil and gas interests.

BTG Pactual is a significant shareholder in POGBV. Upon the completion of the purchase, BTG Pactual and Africa Oil Corp. will be 50/50 joint venture partners in POGBV.

The Clifford Chance team in the Americas was led by partner Christopher Willott (Picture – Banking & Finance, New York/São Paulo) and included Tom Hosted (Corporate Finance, São Paulo), Leonela Vaccaro Padron (Banking & Finance, New York), Giancarlo Reanda (New York) and Deon Fang (São Paulo). In Amsterdam the team included Projects and Finance partner Hein Tonnaer, along with Rutger Dekker and Arie Torres.

Involved fees earner: Rutger Dekker – Clifford Chance; Deon Fang – Clifford Chance; Tom Hosted – Clifford Chance; Giancarlo Reanda – Clifford Chance; Hein Tonnaer – Clifford Chance; Arie Torres – Clifford Chance; Leonela Vaccaro Padron – Clifford Chance; Chris Willott – Clifford Chance;

Law Firms: Clifford Chance;

Clients: BTG Pactual;

Author: Ambrogio Visconti.