DLA Piper advised BP in the US$2.5 billion agreement to sell its Southern California refining and marketing business to San Antonio-based refiner Tesoro Corp.
Under the terms of the deal, Tesoro will acquire about 800 retail gas stations in Southern California, Nevada and Arizona. Tesoro will also acquire an integrated logistics system and assets that it will offer to its master limited partnership, Tesoro Logistics LP.
Tesoro will pay US$1.18 billion plus the value of inventory at the time of closing, which currently stands at US$1.3 billion. The transaction is subject to regulatory approval and is expected to close before mid-2013.
DLA Piper’s multi-disciplinary team involved lawyers from various of its US offices, including Carlos Solé III (Houston) and Gregory Dahlgren (Chicago) who led the transaction, with assistance from Dennis Wieczorek (Chicago) on franchise law matters, Caryn Englander (Chicago) and Paul Shadle (Chicago) on real estate matters, Matthew Covington (San Francisco) on environmental matters and Jason Levin (Chicago) on intellectual property matters.
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