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Conyers Dill & Pearman has advised the consortium of Alfa Group, Access Industries and Renova (AAR) on the sale to Rosneft of its 50% stake in TNK-BP, its joint venture with BP. AAR, a long-standing client of the firm, signed a sale and purchase agreement with Rosneft yesterday. Completion of the transaction is expected in the first half of 2013 following approval by Russian and EU competition authorities.
Conyers, which worked alongside Skadden, Weil, Gotshal & Manges and White & Case on the transaction, also advised AAR in relation to BP’s separately negotiated sale to Rosneft of its 50% stake in TNK-BP.
TNK-BP, Russia’s third-largest oil producer, is owned by a holding structure established in the British Virgin Islands, reflecting the jurisdiction’s popularity as a domicile for international joint ventures. Robert Briant, the head of Conyers’ office in the British Virgin Islands commented that: “The TNK-BP sale was an exciting transaction to work on and underscores Conyers’ pre-eminence in the British Virgin Islands in advising on large and complex joint ventures and merger and acquisition transactions. Not only is this one of the largest deals of recent times, but the twin track sale process by AAR and BP and the complex corporate governance arrangements of the group made this a unique and interesting transaction.”
The acquisition of TNK-BP by Rosneft will result in it becoming one of the world’s largest oil producers, matching the output of Exxon.
The Conyers’ team was made up of Robert Briant, Mark Forte, Anton Goldstein, Rosalind Nicholson and Patrick Ormond.