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Tauil & Chequer assists South Korean client in a U$2.4 bi sale

27 December 2010

23 December, 2010 - Tauil & Chequer Advogados in association with Mayer Brown LLP assisted SK Energy Co., Ltd. in the sale of its Brazilian assets to Mærsk Olie Og Gas A/S. The transaction involves the amount of 2.4 billion dollars and will strengthen the position of Maersk Olie in Brazil, which is considered strategic for the company.

After roughly two months of due diligence, the final negotiations of the Sale and Purchase Agreement with Maersk Olie were conducted in the offices of Mayer Brown, in New York, and took no longer than a week to be concluded. Alexandre R. Chequer, Partner of Mayer Brown and Co-Head of the Global Energy Practice Group, says that “the transaction was absolutely spectacular in terms of efficiency and the negotiations demanded 18 hours of work per day to be completed in the deadline established by the parties”.

“Our lawyers were entirely focused on this project and did a fantastic work in conducting the preparation of the SPA and all ancillary documents” stresses Chequer.

One of the remarks of the transaction is that Maersk Olie is also client of Tauil & Chequer in Brazil. “We had to seek Maersk’s waiver to conduct the negotiations on behalf of SK Energy and during the closing we will assist both sides. SK Energy also waived us for this”, says Chequer.

In addition to Alexandre R. Chequer, the Tauil & Chequer team advising SK Energy included: International Energy – Associates Leonardo Costa, Bruno Belchior and Fernando Xavier; Corporate & Securities – Associate Salim Saud; and Tax – Partner Ivan Tauil and Associate Roberta Caneca.

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