Mobile Menu
Deals & Transactions

Conyers advises on TNK-BP transaction

Conyers Dill & Pearman advised long-standing client the AAR Consortium on the sale of its 50% interest in the TNK-BP Group to Rosneft, the Russian state oil company. The sale, which completed on 21 March 2013, was immediately preceded by the sale by BP of the other 50% interest in the TNK-BP Group and results in Rosneft becoming the world’s largest publicly traded oil producer by output.

The historic US$55 billion transaction, which involved the transfer of shares in TNK-BP’s BVI holding company, is believed to be the largest ever acquisition in the BVI and also the biggest in Russia’s corporate history.

Commenting on the deal, Robert Briant, Head of Conyers’ BVI office, stated, “Not only is the TNK-BP sale believed to be the largest acquisition that has ever taken place in the British Virgin Islands, but the twin track sale process by AAR and BP and the corporate governance arrangements of the TNK-Group have also made this a unique and fascinating transaction to be involved in.” Anton Goldstein of Conyers added, “The Firm’s role in the TNK-BP transaction underscores its strength and depth of experience in advising on large and complex merger and acquisition transactions.”

The Conyers team, which worked alongside Skadden, Arps, Slate, Meagher & Flom and Weil, Gotshal & Manges on the transaction, was made up of Robert Briant, Anton Goldstein and Patrick Ormond.

 


Robert J.D. Briant
Partner, Head of BVI Corporate

British Virgin Islands   +1 284 852 1100


Anton Goldstein
Partner

British Virgin Islands   +1 284 852 1119


Accolades
_

"I enjoy working with them - they are very dependable, reliable and responsive."
- Chambers Global