Peru’s Romero Grupo acquires Terpel service stations in Peru and Ecuador

The buyers are Corporación Primax and Coesti in Peru and Primax Comercial del Ecuador Sociedad Anónima in Ecuador, while the sellers are Terpel Perú and Terpel Comercial del Perú, Organización Terpel and Inversiones Organización Terpel Chile Limitada in Ecuador.

This transaction is valued at $64 million and implies asset purchase in Peru and share purchase of 100% of Terpel-Comercial Ecuador Cía Ltda. in Ecuador.

Once the conditions precedent are fulfilled, including the authorization by the antitrust entities in Peru and Ecuador, the transaction operation will allow the Romero Group to strengthen and expand its presence in the region, enhancing its offerings in service stations and the fuel business.

Terpel has opted to divest from these businesses to focus on other markets where it operates, continuing with its operations of commercialization of lubricants in Ecuador and Peru, as well as aviation fuel sales and wholesale fuel sales in Peru.

Romero Group was advised on the transaction by Peruvian law firm Hernández & Cía in Peru, and by Bustamante Fabara in Ecuador.

Hernández & Cía’s team was led by partners Juan Luis Hernández and Sandro Cogorno and Rodrigo Flores, with principal associate Gloria Zubizarreta, senior associate Luciano Rebagliati and associates Rafaela Chumpitazi and Carlos Vidal.

Bustamante Fabara’s team was led by partner José Rafael Bustamante C., with director Kirina González and senior associate. Valentina Morillo.

Grupo Romero’s in-house counsel was legal director Rafael Villarán and junior associate Camila Munive.

Peruvian law firm Payet, Rey, Cauvi, Pérez Abogados acted as counsel to Terpel, with a team led by partner Juan Antonio Egüez, with senior expert Rafael Ortiz.

Terpel was advised in Ecuador by law firm Corral Rosales, with a team led by partner Santiago Palacios.