Cleary Gottlieb represented Petroliam Nasional Berhad (Petronas) in its acquisition of FL Selenia S.p.A. from affiliates of Kohlberg Kravis Roberts & Co. The deal values FL Selenia at €1.1 billion, on a debt- and cash-free basis. The agreement was signed on September 20, and the transaction closed on November 30, after receiving regulatory clearances.
FL Selenia is Europe’s largest independent producer and marketer of branded automotive lubricants and other functional fluids. Based in Italy, it has operations across Europe, South America and the United States.
Petronas is a Malaysian state-owned oil and gas corporation. Its business spans the full spectrum of oil and gas operations, both in Malaysia and worldwide, including upstream oil and gas exploration and production, downstream oil refining, marketing and distribution of petroleum products, trading, gas processing and liquefaction, gas transmission pipeline network operations, marketing of liquefied natural gas, petrochemical manufacturing and marketing, shipping, and property investment.