Petrominerales completes C$1.6 billion sale of Alvopetro Energy to Pacific Rubiales Energy
Date Closed
November 28, 2013
Lead Office
Calgary
Value
1.60 Billion CAD
On November 28, 2013, Petrominerales completed its C$1.6 billion sale to Pacific Rubiales Energy by way of plan of arrangement. Under the agreement, Petrominerales shareholders will receive approximately C$935 million in cash for their common shares and one share of the newly formed company Alvopetro Energy. Pacific Rubiales also assumed Petrominerales’s net debt, estimated at C$640 million.
Petrominerales, headquartered in Calgary, Alberta, is an oil and gas exploration and production company with exploration blocks in Colombia, Peru and Brazil.
Pacific Rubiales Energy, headquartered in Toronto, Ontario, is one of Colombia's largest private oil company; it produces approximately one fifth of the Colombian national output.
McCarthy Tétrault LLP represented Petrominerales, the seller, and Alvopetro Energy, the spin-off company, with a team led by James Pasieka and including Douglas Yoshida, Jeremy Busch-Howell and Oliver Borgers.