Mexico City, December 20, 2023
Basham, Ringe y Correa announced that it acted as sole legal counsel to Grupo Carso, S.A.B. de CV («Carso»), Mexico’s largest conglomerate, in the negotiation and signing of the recently announced binding agreement with which it will acquire 100% of the capital stock of PetroBal Operaciones Upstream, S. A. de C.V. («PetroBal Upstream»), a subsidiary of Grupo Bal, S.A. de C.V. («Grupo Bal») for a base price of USD $530 million.
PetroBal Upstream owns PetroBal Upstream Delta 1, S.A. de C.V. («Delta 1»), an entity that holds a 50% interest in the Ichalki & Pokoch fields, strategically positioned off the coast of Campeche, which represents a vital area for hydrocarbon extraction operations.
The legal advisors involved were:
| Carso: Carlos Facha | Basham (representing Carso): Juan Carlos Serra Pablo Nosti Fernando Osante Pamela Salas | Hogan Lovells (Mexico City) (representing Grupo Bal): Carlos Ramos Perla Diaz Taracena | Grupo Bal: Gerardo Carreto Hugo Quesada Javier Pardo |
With this transaction, Carso continues consolidating its participation in the upstream sector in Mexico, adding to the acquisition of the Zama Field completed in 2023 and its several years of experience in offshore platform manufacturing, Jack Ups, and onshore and offshore drilling.
The transaction is expected to close in the first half of 2024, as it is subject to the approval of the Comisión Federal de Competencia Económica («COFECE») and the Comisión Nacional de Hidrocarburos («CNH»).
