Akin Gump Strauss Hauer & Feld and Baker & McKenzie bagged leading roles in the state-owned China National Offshore Oil Corp’s (CNOOC) $3.1bn (£2.1bn) investment in Argentinian oil producer Bridas.
The Chinese energy giant has taken a 50 per cent stake in Bridas, giving it a 20 per cent interest in a new joint venture, Pan American Energy, set up with BP.
A multi-jurisdictional Bakers team, led by Shanghai-based M&A partner Bee Chun Boo and Beijing-based M&A partner Stanley Jia advised longstanding client CNOOC on the transaction.
The team also featured energy, M&A and banking partners across the firm’s London, Madrid, Santiago and Washington DC offices.
Akin Gump energy partner James Langdon led the team acing for Bridas – the second largest oil producer in Argentina. The US firm also fielded London partners Steven Blakeley and Douglas Glass alongside international corporate transactions head Rick Burdick.
Burdick commented: “This high-profile transaction in one of our core sectors is at the very heart of our international corporate practice – a cross-border English law deal in the energy sector capitalising on our comprehensive understanding of the industry.”