© 2015 The Texas Lawbook.
By Natalie Posgate
(Dec. 10) – Texas lawyers from six law firms worked on a series of exit deals that EnCap Investments struck with Devon Energy and affiliates involving core assets this week that added up to $4.8 billion in value.
In the largest deal, Texas-based EnCap portfolio Felix Energy agreed to sell 80,000 net surface acreage in the Anadarko Basin STACK play to Devon for $1.9 billion. Separately, Devon agreed to acquire 253,000 net acres in the Powder River Basin for $600 million.
In the other deal, EnCap’s midstream portfolio, EnCap Flatrock Midstream, agreed to sell portfolio company Tall Oak Midstream to Devon affiliate EnLink Midstream for $1.55 billion.
To fund the Tall Oak acquisition, Dallas-based EnLink agreed to privately issue $750 million worth of its own convertible preferred stock to Enfield Holdings, which is an investment entity formed by TPG and Goldman Sachs. In exchange, Enfield will be represented on the board of directors of EnLink’s general partner.
Thompson & Knight, Locke Lord, Paul Hastings, Latham & Watkins, Vinson & Elkins and Weil, Gotshal & Manges advised the companies involved in this web of transactions.
EnCap turned to Houston partner Sarah McLean of Thompson & Knight to lead the transactions. McLean received assistance from Houston partners Todd Lowther and Roger Aksamit and associate Lisa McDonald, as well as Dallas partner Jessica Hammons.
Devon hired partners John B. Connally and Shay Kuperman of Vinson & Elkins in Houston to lead its end of the M&A transactions and Houston partner Ramey Layne to lead the securities aspect. Also on the deal team were Dallas partners Tom Crichton and Todd Way, Houston partners Sean Becker and Darin Schultz and Houston counsel Larry Pechacek.
Houston partners Mitch Tiras, Joe Perillo and Terry Radney of Locke Lord represented Felix. Locke Lord colleagues they received assistance from included Houston partners David Taylor, Buddy Sanders and Jerry Higdon; Dallas partners Dean Hinderliter and Geoff Polma Houston senior counsel Ann Williams; and Houston associates Walker Clarke, Hunter Summerford, Eric Larson and Iliana Ivanova.
Tall Oak turned to energy M&A partner Jimmy Vallee of Paul Hastings in Houston to handle its side of the sale to Devon. Houston colleagues who also worked on the deal included partners Greg Nelson and Lindsay Sparks and associates Kim Hicks, Will Mabry an Andrew Deas. Lawyers from the firm’s Washington, D. C. office were also involved.
Enfield leaned on a Houston-based team from Latham & Watkins led by partner Ryan Maierson for legal advice. Maierson received assistance from partner Tim Fenn and associates Thomas Brandt, Carolyn Check, Sara-Ashley Hernandez, Jayne Wabeke and Bryant Lee.
EnLink turned to Dallas corporate partner Rodney Moore of Weil to handle its acquisition. Colleagues from Weil’s Dallas office also on the deal were partners John Quattrocchi and Jared Rusman; associates Monty Ward, Samuel Peca and Jacqui Bogucki; and real estate attorney Leslie Smith. Lawyers from the firm’s New York and Washington, D.C. offices were also involved.
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