White & Case advises Somoil on US$830 million acquisition of Angolan upstream assets from Galp
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Global law firm White & Case LLP has advised SOMOIL - Sociedade Petrolífera Angolana, S.A. (Somoil), Angola's largest private energy company, on its agreement to acquire the upstream Angolan assets of Portuguese multinational energy company Galp.
"This transaction represents the second in a series of strategic acquisitions by Somoil, which our team have recently advised on and is a testament to the important work of our team in the Africa energy sector," said White & Case partner Mukund Dhar, who co-led the Firm's deal team. "Somoil is the largest private energy company in Angola and the acquisition of these assets only reinforces that position and furthers Somoil's ambition to become a leading integrated energy company."
Somoil has agreed to acquire: 100 percent of Galp Energia Overseas Block 32 B.V., which owns a 5 percent interest in Block 32 – operated by TotalEnergies; and 100 percent of Galp Energia Overseas Block 14 B.V., which owns a 9 percent interest in Block 14 and a 4.5 percent interest in the adjacent Block 14K – both of which are operated by Chevron. Overall consideration is expected to reach approximately US$830 million, net of capital gain taxes, including approximately US$655 million to be received until completion and US$175 million in contingent payments due in 2024 and 2025 dependent on Brent price.
The transaction is subject to customary terms and conditions, with completion expected during the second half of 2023.
The transaction follows Somoil's acquisition and financing of offshore interests from TotalEnergies and Inpex in December 2022, which White & Case also advised on.
The White & Case team which advised on the transaction included partners Mukund Dhar, Jason Kerr, Margot Lindsay, Deji Adegoke and Will Smith (all London), local partner Vasi Papadopoulos (Dubai) and associates David Murray, Asad Khan and Alec Buchanan (all London).
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