BlackRock and Hassana Investment-Led Consortium’s $15.5 Billion Gas Pipeline Network Deal

Simpson Thacher represented BlackRock on the deal. Slaughter and May advised BlackRock’s Global Energy & Power Infrastructure Fund III. Allen & Overy advised Hassana Investment Company.

Blackrock announced lease-and-leaseback deal for Saudi Aramco’s gas pipeline network with Saudi Aramco for approximately $15.5 billion. The transaction is subject to certain regulatory approvals.

Funds managed by BlackRock and Hassana Investment Co. will form a consortium to hold a 49% stake in a new entity called Aramco Gas Pipelines Co, with Saudi Aramco owning the rest. Aramco Gas Pipelines Co will lease usage rights in the state energy firm’s gas pipelines network and lease them back to Aramco for a 20-year period.

Simpson Thacher stands BlackRock on the financing of the acquisition (including hedging) and its obligations under the FCPA and UKBA, with a team including Sinead O’Shea (Picture), Kavita Davis and Kristin Hoo (Credit); Nick Shaw (Capital Markets); and Jonathan Lindabury and Nathan Utterback (Derivatives).

Slaughter and May’s team included Robin Ogle, Partner, Jeff Twentyman, Partner, David Hay, Associate, Serena Hopkins, Associate, Angus Tyrrell, Associate, Natalie Goodman, Trainee, Oliver Moir, Partner, George Nixon, Associate, Gareth Miles, Partner and Deeksha Rathi, Associate.

The A&O team was led by partners MaameYaa Kwafo-Akoto and John Geraghty in London and Joe Clinton and Zeid Qursha in Dubai. Support from Brussels, New York, Luxembourg and Belfast was provided across A&O’s Banking, Corporate, International Capital Markets and Tax practices. 
 

Involved fees earner: Joe Clinton – Allen & Overy; John Geraghty – Allen & Overy; MaameYaa Kwafo-Akoto – Allen & Overy; Zeid Qursha – Allen & Overy; Kavita Davis – Simpson Thacher & Bartlett; Kristin Hoo – Simpson Thacher & Bartlett; Jonathan Lindabury – Simpson Thacher & Bartlett; Sinead O’Shea – Simpson Thacher & Bartlett; Nicholas Shaw – Simpson Thacher & Bartlett; Nathan Utterback – Simpson Thacher & Bartlett; David Hay – Slaughter and May; Serena Hopkins – Slaughter and May; Gareth Miles – Slaughter and May; Oliver Moir – Slaughter and May; George Nixon – Slaughter and May; Robin Ogle – Slaughter and May; Deeksha Rathi – Slaughter and May; Jeff Twentyman – Slaughter and May; Angus Tyrrell – Slaughter and May;

Law Firms: Allen & Overy; Simpson Thacher & Bartlett; Slaughter and May;

Clients: BlackRock; Global Energy & Power Infrastructure (GEPIF); Hassana Investment Company;

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Author: Youness Semri