In an excellent example of cross-border and cross-practice collaboration, our Madrid Energy team recently worked with our Corporate and Tax team in The Hague to advise YPF S.A., Argentina's largest oil company, on the acquisition of Luxembourg holding companies with indirect rights and interests in the group's Argentinian upstream and downstream assets. These were purchased from US-based company Apache Corp. for a total of USD 800 million.
Our team in The Hague assisted on certain aspects of the transaction's tax structure and the incorporation of the first ever European subsidiary of YPF, YPF Europe B.V.
This transaction demonstrates our clients' confidence in our Latin American capabilities, plus the expanding opportunities in this growing market.
It was also a major milestone for YPF, as it marks the completion of its expansion in Argentina and the first investment after the settlement of the disputes between the Republic of Argentina and the Spanish oil company Repsol, S.A. in respect of the Vaca Muerta unconventional oil and gas field.
Hermenegildo Altozano and Alfonso Bayona led in Madrid, while Ernst Barten and René Rieter advised in The Hague.