Quito, Ecuador – July 17th, 2024 – BUSTAMANTE FABARA acted as Ecuadorian counsel for PRIMAX, a subsidiary of Romero Group, in the acquisition of Terpel’s gas stations in Ecuador and Peru. This transaction, valued at US$64 million, involved the acquisition of assets in Peru and the acquisition of 140 gas stations of Terpel Comercial Ecuador Cía. Ltda. in Ecuador and Peru.
Once the conditions precedent are fulfilled, including approvals from relevant authorities in Peru and Ecuador, this transaction will empower the Romero Group to strengthen and expand its regional presence, enhancing its offerings in service stations and the fuel industry.
The transaction was led by Partner José Rafael Bustamante C., with key contributions from Director Kirina González and Senior Associate Valentina Morillo. The team at BUSTAMANTE FABARA played an instrumental role in steering this significant transaction to a successful conclusion. Other team members include Partner Rafael Valdivieso, Senior Associates Gustavo Almeida, José Antonio Bustamante, Gino Ivich, Lorena Ortiz, and Bruno Pesantes, and Associates Analía Andrade, Sebastián Eljuri and Ángeles Mancheno.
About Primax:
Primax Ecuador is a prominent company in the country’s energy sector, specializing in the commercialization of fuels and related products. With an extensive network of service stations nationwide. It has more than 245 service stations nationwide, generating over 1,700 direct and indirect jobs.
About Terpel Comercial Ecuador Cía. Ltda.
Terpel Ecuador, a subsidiary of Organización Terpel, is a leading fuel distribution company in Ecuador. With an extensive network of modern fuel stations, Terpel offers high-quality gasoline, diesel, lubricants, and aviation fuel. Terpel Ecuador continues to be a major player in the country’s fuel industry.
Other firms advising on the matter and their role:
Hernández & Cía. (Peruvian advisor to Primax).
Payet, Rey, Cauvi, Pérez Abogados (Peruvian advisor to Terpel)
Grupo Romero Investment Office (GRIO) (In house counsel)
CorralRosales (Ecuadorian advisor to Terpel)
For more information please contact:
María José Sotomayor
Director of Marketing and Communication
BUSTAMANTE FABARA