© 2014 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
(May 22) – Ohio-based Marathon Petroleum Corporation announced that its subsidiary, Speedway LLC, will acquire Hess Corporation’s retail business for $2.87 billion.
A substantially Texas-based Jones Day team is handling the almost-$3 billion transaction with MPC, with Houston energy partner Jeff Schlegel and associate David Stringer as the lead attorneys.
Other Jones Day attorneys involved include Houston partners Nancy Mackimm, Scott Fletcher, Tom Howley, Scott Cowan, Omar Samji and associate Paul Green; Dallas partners Michelle Brown and Todd Wallace, counsel Martha Wach and associates Erin Marino and Bobby Cardone; and attorneys from the firm’s Washington, D.C., New York, Atlanta and Boston offices.
New York lawyers from Kirkland & Ellis are representing Hess in the deal.
Last year in November, Schlegel and Stringer co-led another deal together for MPC when it agreed to be the anchor shipper for Enbridge’s Sandpiper Pipeline Project for $2.6 billion. In fall 2012, Schlegel led another big-dollar acquisition for MPC involving more than $1 million in BP’s Texas City refinery and other assets in Texas and the Southeast.
Hess Retail is the largest chain of company operated gas stations and convenience stores along the East Coast with 1,342 locations.
The transaction is expected to close in the third quarter of 2014.
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