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Kirkland and McGuireWoods advised on Brookfield’s $2 billion purchase of a quarter stake in Dominion’s LNG facility Cove Point while Baker Botts represented Innophos on its sale to One Rock for $932 million in cash and assumed debt.
The purchase comes at a busy time for midstream deals, including Golden Gate’s $600 million Hillstone sale to NGL, Energy Transfer’s $5.1 billion purchase of SemGroup and Plains’ and Magellan’s $1.438 billion sale of a BridgeTex Pipeline stake to pension fund manager Omers.
Lawyers talked trends at UT Law School’s M&A Institute last week, from reps and warranties insurance to deal flow, while transaction activity kept humming along. Claire Poole reports.
Analysts say that the deal is accretive on financial metrics that matter, their acreage positions in the Delaware Basin fit like a glove and the transaction’s synergies are significant.
M&A numbers may be down across the globe, but there is one sector that is holding its own: U.S. oil and gas. In her weekly Roundup Claire Poole explores the data along with last week's deals involving Texas lawyers.
After two years of fewer bankruptcies, the oil and gas exploration and production sector is seeing an uptick in filings at a time when the industry expects a decrease in available credit.
Global M&A activity looks pretty sickly so far this year, falling 11% to $2.8 trillion – the slowest pace in more than two years, according to Refinitiv. But conditions may be turning around, with dealmaking among Texas lawyers hopping last week. Claire Poole reports.
The offer represents a 24% premium for Roan, which was born out of the bankruptcy of Linn Energy and will be led by a former Linn executive.
The South Korean seller plans to use the proceeds to diversify into other energy sectors and expand in Asia and North America.
The transaction – which includes $90 million for expansion – comes as Appalachia's Marcellus Shale continues to lack pipeline capacity to carry natural gas to market.
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