© 2013 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
(November 12) – Northern Tier Energy LP’s private equity sponsors, ACON Investments, LLC and TPG Capital, sold all their interests Tuesday in Northern Tier Energy to Western Refining, Inc. for $775 million.
As a result, El-Paso-based Western Refining now owns 100 percent of the general partner and 38.7 percent of the Connecticut-based downstream energy company. The balance of limited partner units will remain publicly traded.
Vinson & Elkins represented Washington, D.C.-based ACON and Fort Worth-based TPG in the transaction, with Houston M&A partner Keith Fullenweider as the lead attorney. Those also involved in the M&A matters included Dallas partner James Hanna and Houston associates Julian Seiguer, Chris Colquitt, Atman Shukla, John Bell and Austin March.
Other V&E attorneys involved in the deal included Houston partner John Lynch and associates Lina Dimachkieh and Matt Dobbins; Dallas partner Brian Bloom and associate Missy Spohn; and Austin partner Sue Snyder.
Previously, Fullenweider represented TPG during Kinder Morgan Energy Partners, LP’s $5 billion acquisition in January of Copano Energy, LLC. TPG was Copano’s largest investor. Fullenweider also represented TPG last year when it invested $1.25 billion of preferred interests of Chesapeake Cleveland-Tonkawa, LLC, a subsidiary of Chesapeake Energy Corporation.
New York-based firms Davis Polk & Wardwell and Pillsbury Winthrop Shaw Pittman represented Western Refining in the transaction.
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