Baker Botts, Kirkland Shape BP's $5.6B Alaska Exit

Law360 (August 27, 2019, 2:10 PM EDT) -- BP PLC unveiled plans Tuesday to sell its entire Alaska business to an affiliate of private equity-backed Hilcorp Energy Co. in a $5.6 billion deal led by Baker Botts and Kirkland, as part of an ongoing effort by BP to reshape its portfolio.

The divestiture will see BP, led by Baker Botts LLP, sell its entire upstream and midstream business in Alaska to Hilcorp Alaska, advised by Kirkland & Ellis LLP, for $4 billion in the near term and $1.6 billion through an earnout payment.

The Alaska operations being sold include Prudhoe Bay, which BP operates with a 26% working interest,...

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