© 2013 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
(October 17) – EXCO Resources Inc. announced Thursday that it and U.S. affiliate of Britain’s BG Group plc will sell their joint venture, TGGT Holdings, LLC, to Azure Midstream Holdings LLC for approximately $910 million.
Three Texas firms are handling the legal matters for the deal: Vinson & Elkins, Porter Hedges and Baker Botts.
V&E is representing both BG Group and Dallas-based EXCO, with Houston M&A partner Trina Chandler and Dallas associate John Grand as the lead attorneys. The rest of the M&A team comprised of Austin associate Becky Diffen, Dallas associate Thomas Laughlin and Houston associate Christine Shaheen.
Chandler is not new to her clients. In 2010, she represented BG North America in the $450 million sale of its entire U.S. power generation portfolio to Energy Capital Partners.
EXCO’s general counsel is William Boeing. Before he joined the company in 2006, Boeing was a partner at Haynes and Boone in Dallas.
Other V&E attorneys involved in the deal include Houston-based partners James Olson, Sean Becker and Larry Nettles and counsel Pam Stabler; Dallas-based partner Jim Meyer and associate Will Russ; and attorneys from the firm’s New York and Washington, D.C. offices.
Corporate Partner Kevin Poli and associate Joseph Morrel of Porter Hedges in Houston are representing their local client, Azure.
Baker Botts is representing Energy Spectrum Partners VI LP, a Dallas-based private equity fund that established Azure as a holding company specifically for the acquisition of TGGT.
Dallas corporate partner Geoff Newton is leading the Baker Botts team. Other attorneys involved include partner Samantha Crispin and senior associates Dustin Gunderson and Sarah York, all based in the firm’s Dallas office as well. Attorneys from the firm’s Washington, D.C. office are also assisting in the deal.
Newton has been representing Energy Spectrum Partners since 1997 in its establishment of private equity funds that possess more than $1 billion of assets under management.
TGGT is a joint venture that is split 50-50 between EXCO and BG Group. It is a midstream service provider that operates more than 1,000 miles of non-jurisdictional gathering pipelines that move natural gas from North Louisiana and East Texas supply basins to 25 major pipelines in the region.
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