Pampa Energía $600 million acquisition of Petrobras Argentina

Overview:

• Pampa Energía has acquired a 67% stake in Petrobras Argentina for $892 million. 
• This was one of the largest acquisitions in Argentina in 2016 and is part of Petrobras's global divestment plan.
• Pampa Energía partly financed the deal through a credit facility which included a $405 million and a AR$2.2 billion loan from a syndicate of banks.
• Citibank and Deutsche Bank acted as lenders and joint lead arrangers. 
• Industrial and Commercial Bank of China, Credit Agricole and Banco Galicia, and Banco Hipotecario were also lenders on the deal.
• Linklaters (Alberto Luzárraga), Salaverri Dellatorre Burgio & Wetzler Malbrán (Diego Salaverri and Victoria Hitce), and Salaberren & López-Sansón (Rafael Salaberren. Dupont) advised the acquirer. 
• Davis Polk & Wardwell (Manuel Garciadiaz, Daniel Brass, Lourenco Lopes-Sabino, Michael Gilson)  and Marval O'Farrell & Mairal  (Pablo Artagaveytia) advised the seller. 
• Milbank Tweed Hadley & McCloy (Carlos Albarracin, Michael Bellucci), Cuatrecasas Gonçalves Pereira (Agustín Cerdá Mariano Ucar) and Bruchou Fernández Madero & Lombardi (Hugo Bruzone, José María Bazán) advised the lenders and joint lead arrangers. 
• Cleary Gottlieb Steen & Hamilton (Juan Giráldez, Adam Brenneman), Garrigues (Gaspar Atienza, Álvaro de la Cueva) and Salaverri Dellatorre Burgio & Wetzler Malbran (Diego Salaverri, Roberto Lizondo, Martin Fernandez Dussaut) advised the borrower. 

Rani Mehta - Journalist - Latin America