We are proud to have acted as Cayman Islands counsel to Apollo-managed funds in connection with their acquisition of a non-controlling stake in BP Pipelines (TANAP) Limited, a subsidiary of bp (NYSE: BP, LSE: BP.L) that holds a 12% share in TANAP Doğalgaz İletim A.Ş. (TANAP), in a transaction valued at approximately $1 billion.
TANAP is the owner and operator of the Trans Anatolian Pipeline in the Republic of Türkiye, which is part of the Southern Gas Corridor and transports natural gas from the Shah Deniz region in Azerbaijan to Europe (connecting with the South Caucasus Pipeline at the Turkish-Azerbaijani border and with the Trans Adriatic Pipeline at the Greek-Turkish border). Walkers' Cayman office previously advised in connection with the investment by Apollo-managed funds in Trans Adriatic Pipeline AG in September 2024.
Our Cayman Islands Finance team was led by partner Adeola Adeyemi, with assistance from senior counsel Onyema Ugorji and associate Liam Doughty. Partners Bicrom Das and James Murrie, supported by associate Arezou Rezai, from our Investment Funds team also contributed to the deal's timely success.
Congratulations to Apollo and the Kirkland & Ellis team who acted as lead counsel.