© 2014 The Texas Lawbook.
By Natalie Posgate – (October 13) – Houston-based Targa Resources Partners LP and Targa Resources Corp. are acquiring Atlas Pipeline Partners, LP and its Pennsylvania-based master limited partnership, Atlas Energy, LP, for $7.7 billion.
Vinson & Elkins represented Targa in the transacation, with Houston partner Christopher Collins as the lead attorney. He received assistance on M&A matters from Dallas partner Chris Schmitt, Austin associate Shaun Mathew and Houston associates Benji Barron and Thomas Zentner.
Other attorneys on the deal included Houston partners Darin Schultz, Ryan Carney, Sean Becker, counsel Larry Pechacek and associates Jason Busch, Ryan Hunsaker, Leonard Wood, James Melchers, Jared Whalen and Martin Luff; Dallas partner Shane Tucker; and Washington, D.C. partner Craig Seebald and associate Kimberley Biagioli.
Collins is not new to leading deals for Targa Resources. In November 2012, he led the oil and gas company’s $950 million acquisition of Saddle Butte Pipeline LLC’s Williston Basin crude oil pipeline, terminal system and natural gas gathering and processing operations.
And in 2010, he and fellow Houston partner David Oelman handled Targa’s initial public offering, which according to Bloomberg and Reuters raised $360 million.
In the current deal, Delaware-based Richards, Layton & Finger advised Targa’s special committee of the board of directors of the general partner.
New York law firm Watchtell, Lipton, Rosen & Katz advised Atlas Pipeline in the deal, and Washington, D.C.-based Covington & Burling represented Atlas’ special conflicts committee.
According to the release, Targa Resources will acquire Atlas Energy following the spin-off of its non-midstream assets. The acquisitions are contingent on one another, and the transactions will close concurrently.
The spin-off will cause Atlas Energy’s assets to solely comprise of its general partner and distribution rights interest in Atlas Pipeline and 5.8 million Atlas Pipeline common units.
The acquisitions are expected to close in the first quarter of 2015. In addition to the completion of the spin-off, the closing of the acquisitions are subject to customary approvals and conditions, including the expiration or termination of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act.
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