© 2012 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
Houston-based Plains All American Pipeline, L.P. announced Thursday that it has agreed to acquire crude oil terminals from Houston-based U.S. Development Group for approximately $500 million.
Vinson & Elkins is advising PAA in the deal, with Houston M&A partner Rell Tipton as the lead attorney. Other V&E lawyers assisting in the transaction include Houston partners Judy Blissard, John Lynch, Chris Amandes, Tom Wilson and Peter Mims; Dallas partner Brian Bloom; Houston associate Igor Norinsky and Washington, D.C. partner Cathy Lewis.
PAA General Counsel Richard McGee and in-house attorneys Carol Sandvick and Kolbi Blanchette also assisted in the deal.
It is unknown at this time who the legal team is for USD.
The transaction involves PAA acquiring four operating crude oil rail terminals, one terminal under development and various contractual arrangements. Three of the terminals are located in the Eagle Ford, Bakken and Niobrara shales. Other assets included in the deal are an unloading terminal in St. James, La. (140,000 barrels per day capacity) and a project to construct a crude oil unloading terminal near Bakersfield, Calif.
The deal received early termination of the required waiting period under the Hart-Scott-Rodino Act and is expected to close before the end of the year.
© 2012 The Texas Lawbook. Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.