© 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 as the lead attorneys. Other key deal team members include Houston partners John B. Connally and David Oelman. The rest of the M&A team consists of Houston associates Lande Spottswood, James Garrett and Crosby Scofield.
Other V&E lawyers who are involved in the deal are primarily from the firm’s Houston and Dallas offices, including partners Tom Crichton, Jim Meyer, David D’Alessandro, Tom Wilson, Larry Nettles and Jay Seegers; and associates Thomas Zentner, Michael Allers, Thomas Verity, Ryan Carney, Katherine Mull, Alex Farr, and Grace Ho. Partners from the firm’s Washington, D.C. office are also assisting.
Last year, V&E represented Devon in its $1.4 billion joint venture with the Japenese company Sumitomo Corporation. Connally was the lead V&E attorney for this transaction.
In-house attorneys for Crosstex who are involved in the deal include General Counsel and Executive Vice President Joe Davis, Associate General Counsel Alaina Brooks, Scott Goldberg and Kendall Talbott. Before joining Crosstex in 2005, Davis was a partner at Hunton & Williams.
The Devon in-house lawyers involved in the deal are General Counsel and Executive Vice President Lyndon Taylor and Associate General Counsel Connie Tatum. Taylor has been at Devon since 2005, when he joined as the company’s deputy general counsel. He was named Devon’s GC and executive VP in 2007.
Before joining Devon, Taylor worked at Skadden, Arps, Slate, Meagher & Flom for 20 years and spent his last 12 years as the managing partner for the firm’s Houston office.
The executive management team of the new company will consist of senior officers from both Devon and Crosstex and will be led by Crosstex’s Barry E. Davis as president and chief executive officer.
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