PLMJ advises GALP on sale of oil assets in Angola

PLMJ has advised the Galp Group on two agreements for the sale of its interest in oil concessions in Angola to Somoil, Petrolífera Angolana, S.A. The transaction is expected to close in the second half of 2023 and it is is now subject to meeting certain conditions, including regulatory conditions.

PLMJ's multidisciplinary team was led by Diogo Perestrelo, the partner in charge of the Corporate M&A team. The other members of the Corporate M&A team were Rúben Brigolas, Guilherme Seabra Galante, Saul Fonseca, Rita Pereira Jardim, Nuno Serrão Faria and Guilherme Martins Pereira. The team also included Energy and Regulatory partners João Marques Mendes and Maria Zagallo, and associates Rui Vasconcelos Pinto and António Patrício de Mendonça. They were joined by Banking and Finance partner Gonçalo Reis Martins and associates Joana Marques dos Reis and Nuno Morgado Pereira. Finally, the team included Marco Ramalheiro from the Employment and Labour team and Martim Valente from the European Law and Competition team.

Given the complexity and international nature of the transaction, Galp was also advised by Bank of America as financial adviser and by Baker & McKenzie, London office, on English law matters. Somoil was advised by White & Case and Eversheds Sutherland FCB.

PLMJ provided legal support to Galp throughout all stages of the sale process to Somoil Group, from the legal due diligence process in March 2022 to the negotiation of contracts with the various parties involved.