Pan American Acquires Exxon Assets

Pan American Energy has acquired 720 filling stations from Exxon Mobil in Argentina, Uruguay and Paraguay. According to Exxon Mobil, the deal is expected to close by the end of the year. The deal includes a refinery near Buenos Aires. The companies did not disclose the deal value, but local press estimated the deal to be worth $650m-$700m, down from earlier estimates of $800m-$850m. JPMorgan is heard to have been advising Pan American on the sale. Exxon is believed to have not used an investment bank. Exxon declines to comment on price and advisors. Pan American does not return calls for comment.