Jones Day on Idemitsu Canada Investment
Jones Day is advising Japanese oil company Idemitsu Kosan Co. Ltd. on its $374.3 million investment in Canada’s Petrogas Energy Corp.
Idemitsu, one of Japan’s largest oil refiners, is making the investment along with equal-share joint venture partner AltaGas Ltd. of Canada. The two companies are paying a total of $748.5 million for a 66.7 percent stake in Petrogas which specializes in midstream oil and gas services in Canada and the United States.
The two-thirds stake will include a 25 percent share of Petrogas that AltaGas purchased earlier this month. The deal is expected to close in the first quarter of next year.
Jones Day Tokyo of counsel Eric Sedlak is leading the advisory team acting for Idemitsu, with Washington, D.C.-based of counsel Tom Smith advising on antitrust matters. Heenan Blaikie Toronto partners Subrata Bhattacharjee and Allen Garson are advising on local law matters.
Norton Rose Fulbright Canada is representing Petrogas.