© 2015 The Texas Lawbook.
By Natalie Posgate
(Feb. 19) – Houston-based Phillips 66 has agreed to sell interests in three of its pipeline systems to its master limited partnership, Phillips 66 Partners LP for $1.01 billion.
When the transaction closes, likely in early March, Phillips 66 Partners will own one-third of the companies that own the Sand Hills and Southern Hills pipeline systems, as well as a 19.46 percent interest in Explorer Pipeline Company.
Texas lawyers from Latham & Watkins, Vinson & Elkins and Andrews & Kurth advised on the deal.
A primarily Dallas-based V&E team advised the conflicts committee for Phillips 66 Partners’ board of directors, with corporate partner Alan Bogdanow as the lead attorney. He received assistance from associates Michael Allers, Doug Smith and Ben Chrisman. Partner Jim Meyer and associates Will Russ, Brandon Tuck and Damien Lyster advised on other aspects of the deal.
A Houston-based Latham team handled the deal for Phillips 66, with corporate partner Brett Braden as the lead attorney. He received assistance from associates Thomas Brandt and Jayne Wabeke. Partner Tim Fenn and Bryant Lee advised Phillips 66 on tax matters.
Houston corporate partner Mike O’Leary of Andrews Kurth represented Evercore Partners, which served as the conflict committee’s financial advisor. Fellow Houston partner Mark Young was also involved.
Bogdanow, Braden and O’Leary sat across the negotiating table a year ago to lead a similar deal for their clients. In that one, Phillips 66 Partners purchased two refinery-grade storage systems and a pipeline system from Phillips 66 for $700 million.
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