Grupo Petersen in Acquisition of An Additional 10% of YPF

Cleary Gottlieb represented Grupo Petersen in its acquisition through its Spanish subsidiary Petersen Energía Inversora, S.A.U., of a 10% interest in YPF S.A. from Repsol YPF S.A. and in obtaining the financing for the deal. The acquisition took Petersen’s participation in YPF S.A. to 25% of the capital share following Petersen’s purchase of 14.9% and 0.1% of the YPF S.A.’s stock in 2008 and 2009 respectively. The purchase price was financed through a $700 million senior secured loan facility provided by a bank syndicate led by Banco Itaú and Credit Suisse integrated also by Citibank, Standard Bank and BNP Paribas and a subordinated seller loan from Repsol for approximately $625 million. The acquisition closed on May 19.

YPF, the largest oil and gas company in Argentina, was privatized by the Argentine government in 1993 and acquired by Repsol in 1999.

Grupo Petersen, founded in 1920 and controlled by the Eskenazi family, is one of Argentina’s largest corporate groups with investments in various industries in Argentina, including engineering and construction, banking services and agro-industry and urban maintenance.