Ex-BP CEO will lead The Carlyle Group’s newly acquired Colombia Onshore – ICLG.com

Posted: October 7, 2020 at 8:52 pm

Private equity company The Carlyle Group has taken legal advice from Latham & Watkins on its acquisit...

Private equity company The Carlyle Group has taken legal advice from Latham & Watkins on its acquisition of the Colombian operations of American hydrocarbon exploration company Occidental Petroleum, for approximately USD 825 million.

White & Case acted as Occidentals legal counsel with Bracewell advising Carlyle International Energy Partners (CIEP), which is providing equity for the transaction.

Of the entire purchase price, USD 700 million is due up front. The transaction is expected to close in the fourth quarter of 2020, subject to meeting customary closing conditions.

Colombia Onshore, which has been present in Colombia for over 40 years, holds its most significant operations in the Llanos Norte Basin in the Department of Arauca, as well as the Middle Magdalena Basin in the Department of Santander.

The former CEO of BP, Tony Hayward, who collaborates with The Carlyle Group to help drive its upstream investments in Colombia, will become the executive chairman of Colombia Onshore following the acquisition, a role to which he will bring a wealth of experience amassed over years in the sector, said head of CIEP, Marcel van Poecke, in a statement.

Hayward expressed gratitude at the prospect of returning to lead a major Colombian oil and gas business, highlighting that Colombian Onshore has a significant presence in all of Colombias principal hydrocarbon basins with a portfolio of attractive onshore investment opportunities from production to development and exploration.

Following the acquisition, The Carlyle Group intends to take on a strategic plan involving field life extension and a focus on operating efficiency, while developing Colombia Onshores environmental, social and governance (ESG) initiatives.

Hayward added that the company has an exemplary track record in ESG - one that [it] will look to continue and improve on, also stating that he is looking forward to continuing the business strategic partnership with [Frankfurt Stock Exchange-listed] Ecopetrol, formerly known as Empresa Colombiana de Petrleos.

London-based corporate partners Sam Newhouse and Simon Tysoe led Latham & Watkins advisory team, alongside New York-based partner Tony Del Pino and associates, Hector Sants, Alan Rozen, Evelyne Girio, James Thomson, Amrita Ahuja, and Pierre-Axel Aberg.

The Carlyle Group enlisted Simpson Thacher & Bartlett on raising EUR 6.4 billion for its Carlyle Europe Partners V fund, in October last year.

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Ex-BP CEO will lead The Carlyle Group's newly acquired Colombia Onshore - ICLG.com

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