Two firms involved in major private oil company sale

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Linklaters and Freshfields Bruckhaus Deringer have acted in in the $16.8bn sale of Essar Oil, India’s second-largest private oil company.
This week, it was revealed that Rosneft, the oil giant majority owned by the Russian government, and a consortium of investors including commodity trader Trafigura and Russian private investment group United Capital Partners will be buying 98% of Essar Oil Limited (EOL) from Essar Energy Holdings and its affiliates. The deal is the biggest foreign direct investment in India’s history yet.
Linklaters advised Rosneft on the Sale and Purchase Agreement for an approximately 49% stake in EOL, a deal unanimously approved by the Rosneft Board on 13 October 2016.
Rosneft acquired 49% of the Vadinar refinery, one of the most sophisticated refinery in the Asia-Pacific region and the second-largest in India. EOL's business also includes a vast network of more than 2,700 Essar branded retail outlets, the largest private sector oil retail network across India.
The Linklaters team was led by Corporate partner Savi Hebbur and included Grigory Gadzhiev, Satindar Dogra, Mathew Plaskow, Sushil Jacob, Yohan Liyanage, Sarah Lindley, Philip Richardson and Preeya Takhar.
Talwar Thakore & Associates, Linklaters best friend firm in India, also advised Rosneft, with a team led by Corporate partner Kunal Thakore  and included Tejas Adiga and Raghuveer Parthasarthy.
Meanwhile, Freshfields Bruckhaus Deringer advised Essar Energy Holdings Limited in the deal which is subject to receipt of the necessary regulatory approvals and other customary conditions.
The Freshfields team was led by London Corporate partner Sam Newhouse whose team provided English law advice in relation to the transaction.