Marval assisted TotalEnergies and Total Austral in the sale to YPF of its 45% interests in La Escalonada and Rincón la Ceniza blocks in Neuquén for over USD 500 million.
The deal that was signed in early August closed yesterday after the fulfillment of several CPs, including governmental approvals and third parties’ consents and preemption rights waivers.
The transaction involved a competitive process and the restructuring of the assets that were transferred through the sale of the shares of a newly incorporated entity.
Gas y Petróleo del Neuquén and Shell own the remaining share in the blocks, with a 10% and 45% interest, respectively.
In the closing of this transaction Total Austral’s legal team was led by its legal affairs’ director Gabriela Rosello Warren and a multidisciplinary team of professionals from Marval, O’Farrell Mairal composed by Pablo Artagaveytia, Francisco Macias, Soledad Riera, María Inés Brandt, Francisco Abeal, and Virginia Canzonieri.
On YPF’s side, in-house counsels Fernando Gomez Zanou and Pilar Rodriguez Salto acted as legal advisors and Francisco Romano (PAGBAM) as outside counsel.