Squire Patton Boggs has advised Bridas Corporation on the merger of its interests in Pan American Energy (PAE) with Axion Energy, part of a new joint venture with BP that will create the largest privately-owned integrated energy company in Argentina.

BP owns a 60% stake in oil and gas producer PAE and Bridas owns the remaining 40% of the firm, while refiner and marketer Axion Energy is wholly owned by Bridas.

BP and Bridas will hold equal stakes in the newly created Pan American Energy Group (PAEG). The deal is expected to close early next year.

The self-funded joint venture will include PAE's production of 262,000 barrels of oil equivalent per day and its interests in the sought-after Vaca Muerta shale region. It will also include Axion's 90,000 barrel per day Campana refinery in Argentina and its network of more than 755 fuel retail sites in Argentina, Uruguay and Paraguay.

The Squire Patton Boggs team was led by Madrid Tax Strategy & Benefits partner Marisa Fernández, supported by Alfonso López and José Aguilar Shea, and included corporate, financial services and tax experts from the firm’s Leeds, Cleveland, Columbus, Hong Kong and Beijing offices.