© 2016 The Texas Lawbook.
By Natalie Posgate
(June 28) – New York private equity firm Riverstone Investment Group said Tuesday that one of its affiliates will purchase Kinder Morgan’s 50 percent stake in an Ohio pipeline project.
Riverstone will pay Kinder Morgan in cash for the ownership interests at closing, which will include prior capital expenditures related to the project.
Vinson & Elkins represented Riverstone, a long-time client. The deal team included Houston partner Shay Kuperman and New York partner Dan Komarek.
Kinder Morgan General Counsel David DeVeau turned to a Houston-based team from Bracewell to handle its side of the transaction. Corporate partner Stuart R. Zisman led the Bracewell deal team, which also included Robert A. Jacobson, W. Cleland Dade, Aaron P. Roffwarg, Scott C. Sanders, Rebecca L. Baker, Gregory M. Bopp and Timothy A. Wilkins (who also offices in Austin); senior counsel Amy E. Parker; and associates Will M. Thanheiser, Lytch T. Gutmann, Aaron N. Carpenter, Kristen A. Wong and Yaniv M. Maman. A couple associates from the firm’s New York office were also on the deal team.
The in-house Kinder Morgan deal team included Deputy GCs Adam Forman and Alan Cooke; Assistant GCs Angela Teer, Daniel Sanborn and Randy Pais; and Vice President of Tax Jeff Utay.
Riverstone also agreed to fund its share of future capital expenditures necessary to complete the construction and commissioning of the venture, called the Utica Pipeline Project.
The pipeline, located in Ohio, will connect with an existing Kinder Morgan pipeline that transports ethane and ethane-propane mixtures to petrochemical companies in Ontario, Canada.
The project is supported by a long-term contract with Nova Chemicals Corporation.
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