The news last week that publicly traded Civitas Resources was entering the Permian Basin with the purchase of upstream assets for $4.7 billion was interesting beyond its whopping price tag. Both targets were backed by NGP Energy Capital Management, marking another upstream private-to-public consolidation. There are those who think this is a good thing for the industry at the moment, and this week’s CDT Roundup explores the reasons. And, as always, The Lawbook’s Claire Poole has all the deals reported by Texas lawyers last week.
Clifford Chance Continues Houston Expansion with Akin Hire
Akin corporate oil and gas deal lawyer David Sweeney is the seventh lateral partner addition in Houston by the London-based firm this month.
Vista Sells Apptio to IBM for $4.6B
Kirkland & Ellis advised Vista, which also used the firm when Apptio bought Cloudwiry and when Vista acquired Apptio itself.
CDT Roundup: 17 Deals, 15 Firms, 151 Lawyers, $5.9B
Three oil & gas deals moved last week totaling more than $4 billion. They involved Earthstone, Gibson Energy and Patterson-UTI. The apparent strategy behind each deal — not to mention their structure — suggests something different about O&G these days, as well as the current market. The Roundup this week takes a look at each of the deals, as well as the 151 lawyers behind who reported their role in transactions last week.
Clifford Chance Adds Ninth Partner to New Houston Operation
Baker Botts transactional partner Jonathan Bobinger became the ninth lawyer on Tuesday announced by Clifford Chance to be joining the London-based corporate law firm’s new Houston office.
Blackstone Picks Up Interest in Indiana Electric Utility from NiSource for $2.15B
If FERC clears the transaction, NIPSCO will remain a part of NiSource, which will keep an 80.1 percent stake and continue operating the company. The terms of the deal implies a NIPSCO equity value of $10.8 billion. Latham advised Blackstone and McGuireWoods advised NiSource on the deal. Claire Poole has the details.
Civitas Enters Permian by Acquiring Assets from NGP-backed Hibernia, Tap Rock for $4.7B
Kirkland advised the publicly traded buyer, whose management has spoken about wanting to diversify its assets, and Baker Botts and V&E assisted the sellers, which were said to have wanted to shed their assets.
Houston Public Finance Group Jumps to Jackson Walker
A team of four public finance partners from Orrick have moved to Jackson Walker. The Texas-based firm also said it has added a tax partner from California.
Latham Advises on $1.1B Gulf Coast Terminal Deal
The South Texas Gateway Terminal, located just outside Corpus Christi, is the second largest crude oil terminal facility in the U.S. The deal will be financed by a variety of debt offerings along with permanent financing backed by a $350 million bought deal offering of subscription receipts.
Earthstone Acquires Novo with a Buy-In by Northern O&G
The deal includes a concurrent sale of working assets to Northern O&G for the equivalent of a third of the consideration, meaning a net payout for Earthstone of $1 billion. The transaction, which involved nearly 40 lawyers from Kirkland and V&E, extends Earthstone’s reach in the Delaware Basin. The Lawbook has the details and, of course, the names of the lawyers involved.
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