CMS advises bp on divestment of majority of bp Ventures portfolio
CMS has advised long-standing client bp on its agreement with Verdane to divest bp Ventures’ minority interests in more than 10 portfolio companies, subject to regulatory and contractual approvals.
The transaction includes the majority of bp Ventures’ minority interests across a range of energy-related technology businesses. It supports bp's continued focus on simplifying its portfolio and disciplined capital allocation, while providing the portfolio companies with an investor focused on supporting their next phase of development.
bp will retain interests in a small number of investments where the technology has the potential to create value for its businesses. The divestment is expected to complete by the second quarter of 2027.
Doug Land, CMS Corporate Partner, comments: “We are delighted to have advised bp on this strategically significant transaction as it continues to focus its investment. The transaction required careful coordination across multiple jurisdictions and legal disciplines. It demonstrates CMS’s ability to combine international reach, sector knowledge and transactional expertise on complex portfolio transactions.”
Jennifer Louch, CMS Corporate Partner, adds: “It has been a pleasure to work closely with the bp team on this transaction. Managing the divestment of interests across a varied portfolio required a coordinated and commercially focused approach, with our teams working seamlessly across jurisdictions to address the specific requirements of each investment and support bp in reaching the agreement.”
The CMS team was led by Doug Land and Jennifer Louch and included Nicola Curry, Euan Archibald, Cara Sinnett, Russell Hoare, Jean-Francois Willems, Finn Potter, Philip Reid, Yao Chua, David Bridge (CMS UK); Jonathan Chu Vera Zhang and Shimin Zhong (CMS China); and Per Dalemo and John Hofmann (CMS Sweden).
