Baker Botts and V&E Advise in New Midstream Business Formation

© 2013 The Texas Lawbook.By Natalie Posgate Staff Writer for The Texas Lawbook (October 21) – Dallas-based Crosstex Energy, LP and Oklahoma-City based Devon Energy Corporation announced Monday that they have entered a definitive agreement to combine their assets to form a new midstream business. The new business, which will be based in Dallas, will consist of both a master limited partnership and a general partner entity. The name of the new company will be announced before the anticipated transaction close in the first quarter of 2014. According to a public statement, Devon’s contributed assets in the transaction value to $4.8 billion. Baker Botts is representing Crosstex, with Dallas partner Doug Rayburn as the lead attorney. The rest of the team comes from the firm’s Dallas and Houston offices and includes partners Steve Marcus, Steve Massad, Courtney York and Eric Winwood; senior associate Preston Bernhisel; and associates Krysta Edwards and Bryan Henderson. The firm has represented Crosstex Energy since 2003, when it advised the company in its initial public offering, and has since advised the company on securities, finance and M&A matters. Vinson & Elkins is representing Devon in the transaction, with Houston M&A partners Jeff Floyd and Ramey Layne…