Freshfields Advised Bp On Its $1 Billion Partnership With Apollo For A Stake In TANAP Gas Pipeline

Freshfields advised bp on its $1 billion partnership with Apollo for a stake in TANAP gas pipeline

Freshfields Bruckhaus Deringer LLP has advised bp on its agreement with Apollo-managed funds for the acquisition of a 25% non-controlling stake in BP Pipelines (TANAP) Limited (bp TANAP), the subsidiary that holds bp’s 12% interest in TANAP Doğalgaz İletim A.Ş., owner and operator of the Trans Anatolian Pipeline (TANAP).

Under the terms of the deal, Apollo-managed funds will acquire the minority stake for approximately $1 billion. The transaction is expected to close in the second quarter of 2025, subject to regulatory and TANAP shareholder approvals.

TANAP, stretching over 1,800km across Türkiye, forms the central segment of the Southern Gas Corridor (SGC) pipeline system. This vital infrastructure delivers gas from the bp-operated Shah Deniz field in the Azerbaijan sector of the Caspian Sea to European markets, including Italy and Greece.

This marks the second collaboration between bp and Apollo in the SGC. In November 2024, the parties finalized a transaction involving the Trans Adriatic Pipeline, with Freshfields also serving as legal advisor.

The Freshfields team was led by Samira Afrasiabi (Partner) and Graham Watson (Partner), with support from Bukunola Alakija (Counsel) and Yoel Gordon (Associate). Tax advice was provided by Helen Buchanan (Partner) and David Haughey (Senior Associate).

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