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17 January 20233 minute read

Campos Mello Advogados advises Carmo Energy in the closing of its acquisition of Carmópolis Cluster for approximately US$1.1 billion

Campos Mello Advogados (CMA), in cooperation with DLA Piper, advised Carmo Energy, a privately held independent oil and gas company, in the closing of its acquisition of the Carmópolis Cluster from Petróleo Brasileiro S.A. – Petrobras for approximately US$1.1 billion.

The sale price is the largest deal in the history of Brazilian onshore oil and gas exploration and production assets. The Carmópolis Cluster, a set of 11 concessions of onshore production fields with integrated facilities, is located in the state of Sergipe.

CMA advised Carmo Energy in the entire acquisition process, including in securing the antitrust and all regulatory approvals, the legal due diligence for the financiers and the negotiation of the finance, defending Carmo Energy in class actions trying to impede closing and tax structuring of the new business.

“We are proud to have advised on the closing of this historic acquisition, bringing together our extensive regulatory capabilities and key oil and gas sector experience,” said Alexandre Calmon, the Campos Mello partner who led the deal. “It was a pleasure to work with Carmo Energy throughout the negotiation and acquisition process, putting into practice the full breadth and depth of our skillset in the sector.”

In addition to Calmon, the Campos Mello Advogados team that worked on the deal included partners Marcelo Frazão, Roberto Vianna do R. Barros, Rafael Bussiére, Victor Kampel, Luciana Martorano, Vilmar Gonçalves, João Marçal, Humberto Marini, Maria Eduarda Bérgamo, Carolina Caiado and associates Beni Flint, Cristiano Schiller, Roberta Arakaki, Nathalia Almeida, Diego Barros, Larianne Sampaio, Tainá Carvalho, Lucca Galatro and Julianna Marinho.

DLA Piper's Energy sector lawyers advise sponsors, investors and other industry participants on the development, financing, purchase and sale of energy companies and energy infrastructure projects and portfolios. For decades, the firm has represented organizations operating in the sector throughout the world, with a global team serving clients in the renewable generation, energy storage, oil and gas, nuclear, energy trading, climate change and water markets. In addition to energy companies, the firm’s clients also include financial institutions, governments, utilities, regulatory bodies, and corporate and industrial buyers of renewable energy.

DLA Piper Latin America's team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With over 400 lawyers practicing throughout Argentina, Brazil, Colombia, Chile, Mexico, Peru, and Puerto Rico, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe to ensure our clients receive the depth of service they require to meet their legal and business objectives.