Freshfields Bruckhaus Deringer (‘Freshfields’) advises bp on the sale to funds managed by Apollo of a non-controlling stake in bp Pipelines TAP Limited, the bp subsidiary that holds a 20 per cent interest in Trans Adriatic Pipeline AG, in a transaction valued at approximately US$1 billion. The transaction is expected to close in 4Q 2024, subject to customary regulatory and partner approvals.

Trans Adriatic Pipeline AG is the owner and operator of a key infrastructure asset for meeting European energy demand - the final 880-kilometre leg of the Southern Gas Corridor pipeline system that transports natural gas from the bp-operated Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to markets in Europe such as Greece and Italy.

The Freshfields team was led by partners Samira Afrasiabi and Graham Watson, counsel Bukunola Alakija, and senior associate Henry Chau. Tax advice was provided by partner Helen Buchanan, and senior associates David Haughey and Joshua Critchlow. Regulatory advice was provided by partner Alastair Chapman, counsel Giorgio Candeloro and senior associate Rory Jones.