Chadbourne & Parke (London) LLP represented the State Oil Company of Azerbaijan Republic (SOCAR) in connection with a US$1.3 billion put option-based financing for SOCAR Turkey Enerji A.S. (STEAS), a subsidiary of SOCAR.
Goldman Sachs and JPMorgan jointly structured the transaction in which Goldman Sachs International has subscribed for approximately 890.6 million newly issued ordinary shares in STEAS, corresponding to 13% of the total issued share capital of STEAS, for a total consideration of USD$1.3 billion. Goldman Sachs International will simultaneously enter into six year put option transactions with each of STEAS and Sermaye Investments Limited, a subsidiary of SOCAR, to protect Goldman against a decline in the value of the shares.
The Chadbourne team was led by partner Ben Donovan, and included international partner Ursula Owczarkowski, partner Marian Baldwin Fuerst and associate Furkan Unsal.
Chadbourne was recently ranked as the top oil and gas legal adviser in volume of transactions in the first half of 2015 (H1 2015), according to research prepared by IJGlobal. The firm handled US$30.9 billion in transactions.