Freshfields Bruckhaus Deringer has advised PetroChina Company Limited (PetroChina) on its consolidation of three pipeline operators into PetroChina Pipelines Co., Ltd (PetroChina Pipelines).

The cumulative value of the three companies being consolidated in the proposed transaction – PetroChina Eastern Pipelines, PetroChina United Pipelines and PetroChina Northwest United Pipelines – is RMB 280bn (US$43bn).

Upon completion, PetroChina will hold a 72.3% stake in PetroChina Pipelines, with the remaining stake held by 11 minority shareholders.

The Freshfields team advising on the transaction was led by China Chairman Teresa Ko and corporate partner Richard Wang.