Headrick Rizik Alvarez & Fernández acted advises Isla Dominicana de Petróleo Corporation

Headrick Rizik Alvarez & Fernández acted as counsel to Isla Dominicana de Petróleo Corporation in connection with its partnership with Sol Investments SEZC, a subsidiary of Parkland Corporation, in a transaction that will result in establishing the Dominican Republic´s largest network of gas stations. Following closing of the transaction, which signed May 14, 2021, Isla Dominicana de Petróleo Corporation, a company that has operated in the Dominican Republic´s fuel industry for over 30 years, will operate a combined network of approximately 240 gas stations, in addition to the company´s commercial and aviation fuels businesses.

Through the transaction Sol Investments SEZC will indirectly acquire ownership of a 50% stake in Isla Dominicana de Petróleo Corporation, through the purchase of shares from the current shareholders, as well as the contribution of Esso República Dominicana, S.R.L.´s (a Sol subsidiary) fuel distribution and commercialization business in the Dominican Republic.

Headrick Rizik Alvarez & Fernández advised Isla Dominicana de Petróleo Corporation in the review and negotiation of the transaction documents, as well as all aspects of the legal due diligence with respect to the business being contributed by Esso República Dominicana, S.R.L., including its network of approximately 80 service stations. Headrick´s team was led by Partners Jaime M. Senior and Julio Camejo, in addition to Senior Associate Fernando J. Marranzini and Associates Roberto Sánchez, Naomi Rodríguez, Melissa Marrero, Pamela De Los Santos and Javier Galán.

The following firms also participated in the transaction:

Cayman Islands counsel to Isla Dominicana de Petróleo Corporation:

Ogier: Giorgio Subiotto (Partner) and Graeme Loarridge (Associate).

Counsel for Sol Investments SEZC and Esso República Dominicana, S.R.L.:

Torys LLP: Michael Akkawi (Partner), Ebad Rahman (Partner), Na Fan (Senior Associate), Michael Portner Gartke (Senior Associate) and Stephanie Gurrieri (Associate).

Dominican Republic counsel to Sol Investments SEZC and Esso República Dominicana, S.R.L.:

Pereyra & Asociados: Luis Miguel Pereyra (Partner), Emma Mejía Batlle (Partner), Gregorio Garcia (Partner) and Katiuska Ortega (Associate)

In-house counsel involved in the deal:

Sally Vargas (General Counsel for Isla Dominicana de Petroleo Corporation)

Christian Esquea (In-House Counsel for Corripio Group -shareholder of Isla Dominicana de Petroleo Corporation-)

Edna Pérez (General Counsel for  Sol Group) and Manuel A. Silverio (In-House Counsel for  Esso República Dominicana, SRL.)