© 2016 The Texas Lawbook.
By Natalie Posgate
(Dec. 22) – Alberta Investment Management Corp. (AIMCo) has agreed to purchase a 28 percent ownership stake in San Antonio-based Howard Energy Partners from its EnLink Midstream Partners, AIMCo said Tuesday.
EnLink said in a separate release that it received about $190 million from the deal. The sale is part of a recent collective divestiture effort by EnLink in which the Dallas-based midstream company lightened its load of core assets for $275 million in return.
The investment will make AIMCo the second-largest owner of Howard. It follows an initial investment by AIMCo in August in which the firm bought $500 million of Howard Energy’s Series B preferred units.
AIMCo turned to Houston corporate partner Adam Larson of Kirkland & Ellis to handle the investment. Houston associate Cyril Jones also worked on corporate matters for the deal, while Houston partner Chad McCormick and associate Tim Campany handled tax advice. Kirkland’s Chicago office was also involved on the tax side.
Howard Energy turned to corporate partners Brett Braden and John Greer to handle its end of the deal. The Latham team also included corporate associate Nick Dhesi and tax partner Tim Fenn and associate Bryant Lee. All attorneys are based in the firm’s Houston office.
Howard Energy is an independent midstream company that focuses on assets in Texas and Pennsylvania.
The deal is anticipated to close during the first quarter of 2017.
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