BLP advises Hellenic Petroleum on US$500m acquisition of BP’s ground fuels business in Greece
Berwin Leighton Paisner (BLP) advised Hellenic Petroleum on the US$500m (€359m) purchase of ground fuels retail and storage assets from BP Plc. The purchase (which remains subject to regulatory approvals) by Hellenic Petroleum, Greece’s largest company and biggest refiner, demonstrates Hellenic’s commitment to the Greek retail market.
The deal, which includes €40m of net debt, will provide Hellenic with control over BP’s 1,200 gas stations and oil storage facilities with a capacity of 170,000 cubic metres.
Hellenic Petroleum currently operates four refineries in Greece and over 1,500 gas stations throughout Europe. Its other businesses include petrochemical production, oil and gas exploration, and infrastructure development.
The BLP team acting on this key transaction was led by Projects partner Adam Dann, with associates Hugh Roberts and Jordan Phillips assisting, all of whom worked closely with Hellenic’s Greek counsel, Dryllerakis & Associates, led by M&A partner John Apsouris.
Commenting on the deal, Adam Dann said: “This exciting purchase is in line with Hellenic’s group strategy. Furthermore, the deal again demonstrates BLP’s ability to handle complex transactions within the oil and gas sector and builds upon our extensive European credentials.”
Freshfields acted for BP Plc.
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