Petro Rio S.A. (BOVESPA:PRIO3) agreed to acquire 35.7% stake in Wahoo and 60% stake in Itaipu Fields from BP Energy do Brasil Ltda. for $140 million on November 18, 2020. The consideration consist of fixed portion of $100 million and earn out of $40 million. $100 million is divided into payment of $17.5 million split between the signing and the completion of the transaction and closing, once all conditions are met, $15 million in December 2021 and the balance $32.5 million due in 2022. The earn out is contingent on Itaipu’s unitization. The acquisition, subject to regulatory approvals and other usual conditions precedent. Scotiabank acted as financial advisor in this transaction. The Bank of Nova Scotia (TSX:BNS) acted as financial advisor to Petro Rio S.A. (BOVESPA:PRIO3) in the transaction. Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados and Julie Mayo, Chris Grieves and Holly Stebbing of Norton Rose Fulbright LLP acted as legal advisor to BP Energy do Brasil.