The transaction gives GeoPark 100% ownership of its Colombian and Chilean operating companies, ending the eight year strategic partnership between LGI and GeoPark in South America.
LGI is the global trading arm of LG Corporation, South Korea's fourth largest conglomerate. LGI's primary focus is the development and trading of natural resources. It conducts coal, oil and gas, non-ferrous metals and palm oil businesses in Australia, South East Asia, China, the Middle East, Central Asia and South America.
GeoPark is a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Peru, Argentina, Brazil and Chile.
The Ashurst team was led by resources partner Stuart James, assisted by senior associates Chris Barry and Richard Shi, and lawyer James Campbell. Partner Sanjay Wavde advised on some tax related matters, and partner Catherine Pedler assisted on certain joint venture issues. Finance partner Michael Neary, assisted by counsel Matthew Haist and associate Misha Daha, from the New York office advised on New York law aspects.
Stuart James commented:
"We were very pleased to advise LG International on this significant divestment, which had numerous cross border elements and involved our teams in Australia and New York. The deal is another example of how strategic partnerships with Korean companies can successfully aid the development of natural resources and accelerate growth."
