Herbert Smith Freehills Kramer has advised the State Oil Company of the Azerbaijan Republic (SOCAR) on its agreement with Api Holding and Fin.Bra, the two holding companies of the Brachetti Peretti Family, for the acquisition of a 99.82% equity interest in Italiana Petroli (IP) and MIP, the latter being the owner of the group's trademarks.
The Firm advised SOCAR with a multidisciplinary team led by partner Francesca Morra, partner Steven Dalton and senior associate Giacomo Gavotti, with support from:
- senior associate Chiara Miccolis, associate Matteo Terzi and trainee Kevin Aldeghi on administrative law matters;
- partner Augusto Santoro, of counsel Bernadetta Troisi, senior associates Michela Merella, Cesare Saputo, Guglielmo Ferrari, Associate Dimitrie Vlaiduc and trainee Claudia Rocco on corporate and contractual aspects;
- partner Enrico Maria Mancuso, of counsel Federico Bracalente and senior associate Marco Accorroni on compliance;
- partner Pietro Pouché, senior associate Giulia Maienza and associate Francesca Basto on intellectual property, and senior associate Spartak Kodra and trainee Iole Maria Garufi on litigation;
- partner Simone Egidi, senior associate Alessandra Iandoli and associates Pietro Guida and Giacomo Bedeschi on financing.
An international team also supported SOCAR throughout the transaction, including:
- partner Andrew Cannon and associate Olivia Battcock from the London office;
- managing partner Kyriakos Fountoukakos, partner Morris Schonberg, of counsel Peter Rowland and senior associate Daniel Barrio from the Brussels office, advising on competition matters;
- partner Marc Tkatcheff and associate Joaquim Apra from the Luxembourg office on Luxembourg law.
The Brachetti Peretti family, which has led the Group since its founding in 1933 by Ferdinando Peretti and developed it into one of the leading Italian operators in the mobility and fuel sectors, will transfer its entire shareholding to SOCAR, an oil & gas company active in upstream, midstream, and downstream sectors, wholly controlled by the State of Azerbaijan, with an international presence across the EU, Middle East, and Asia.
Completion of the transaction is subject to certain conditions, including regulatory approvals relating to antitrust, foreign subsidies, and foreign direct investment (FDI) screening. Closing is expected in the first quarter of 2026.