© 2017 The Texas Lawbook.
By Natalie Posgate
(April 18) – Calgary-based NOVA Chemicals Corp. said Monday that it will purchase Tulsa-based Williams Partners’ 88.5 percent ownership interest in a Gulf Coast petrochemical facility for $2.1 billion.
The assets include Williams Partners’ stake in the Geismar, Louisiana olefins plant, 525 acres of undeveloped land adjacent to the plant and Williams Partners’ interest in the Ethylene Trading Hub in Mt. Belvieu, Texas.
NOVA Chemicals turned to a group of Orrick, Herrington & Sutcliffe attorneys to handle its end of the transaction. The deal team was led by two Houston attorneys, partner Jonathan Ayre and associate Puja Parekh, as well as an attorney in the firm’s San Francisco office. Other Houston attorneys on the deal were energy partner Darrell Thomas and energy associates Mason Harry and Andrea Memovic. Attorneys from the firm’s San Francisco, New York and Washington, D.C. offices were also involved.
Orrick has represented NOVA in a number of joint ventures, acquisitions and capital markets financings for more than 25 years.
Williams Partners turned to a primarily non-Texas-based team from Gibson, Dunn & Crutcher, but the deal team included Dallas corporate associates Needhi Vasavada and Paige Lager.
In 2015, Gibson Dunn represented Williams in both of its proposed mergers with Energy Transfer Equity ($38 billion) and Williams Partners ($14 billion).
Closing of the NOVA-Williams transaction, anticipated for this summer, is subject to regulatory approvals and financing conditions.
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