Leading global law firm Baker McKenzie advised Galp on the strategic sale of its upstream assets in Angola to SOMOIL - Sociedade Petrolífera Angolana S.A., with transaction proceeds expected to reach c.$830m. 

The transaction involves the sale of Galp's 9% participation interest in Block 14, 4.5% participation interest in Block 14K and 5% interest in Block 32, and will crystalize value for Galp from mature upstream assets and support the company's moves to focus the upstream portfolio and support its decarbonisation strategy. Completion is subject to satisfaction of customary conditions. 

The Baker McKenzie team, led by London Corporate Partner Richard Blunt (Co-chair of the Firm's Global Energy and Projects Practice Group), included Senior Associate Andrew Burleigh (London) and Associate Silvina Rueda (London), supported by Partner Koen Bos (Amsterdam) and Associate Suzanne van Balen (Amsterdam) on Dutch law issues, working alongside leading Portuguese firm PLMJ. BofA acted as financial adviser to Galp. 

White & Case and Eversheds advised Somoil.

Richard Blunt commented: "We were delighted to assist Galp with this strategically important divestment. The transaction is testament to the seismic shift we are seeing in the energy sector today, as the world's most strategic energy companies look to pivot their assets towards the energy transition (and new participants enter traditional oil & gas markets).  We expect to see continued buoyancy in the upstream transactional market - and indeed across the energy transition - as this trend works through.  This will play to the strength and depth of Baker McKenzie's global transactional energy practice."

Baker McKenzie is a transactional powerhouse, with more than 2,500 deal practitioners in 45 countries offering leading expertise in the areas most critical for our clients. We excel in complex transactions and cross-border deals – over 65% of our deals are multi-jurisdictional. We are global and local, combining money-market sophistication with local excellence.
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