© 2014 The Texas Lawbook.
By Natalie Posgate – (July 16) – Kansas-based Flint Hills Resources has completed its $2.1 billion purchase of Houston-based PetroLogistics LP and its general partner, PertroLogistics GP LLC.
The transaction is the largest in the company’s history and the first chemical asset it has acquired since purchasing Huntsman Corporations’ U.S. commodity chemical business in 2007.
Dallas managing partner Glenn West of Weil, Gotshal & Manges led the deal for PetroLogistics. Other Dallas attorneys from Weil who worked on the deal include associates Mandy Price, Dilen Kumar and Elliott DeRemer on the corporate team; partner Jared Rusman and associate Mark Dundon, who handled tax matters; and associate Clinton Hutchings, who handled banking & finance matters.
In an email, West said Weil has also represented PetroLogistics in bank financing transactions over the years.
PetroLogistic’s general counsel, Dick Rice, was also heavily involved in the deal. Rice spent 28 years of his career at Bracewell & Giuliani before joining PetroLogistics in November 2012. At Bracewell, he was the head of the firm’s oil, gas and midstream practice group.
A group of attorneys from the firm’s New York and Washington, D.C. offices were also involved. New York Vinson & Elkins partners Mike Rosenwasser and Michael Swidler represented PetroLogistics in the deal as well.
Flint Hills Resources, a subsidiary of giant private multinational corporation Koch Industries, turned to Jones Day for its legal counsel. Atlanta partner Bryan Davis led the deal, but many of the firm’s Texas lawyers were also involved, including Dallas partners James O’Bannon, Troy Lewis, Katherine Ettredge, Todd Wallace and associates Isaac Griesbaum, David Kern, Sweta Gabhawala and Louis Jenull; and Houston partner Scott Fletcher and associate Kelly Turner.
PetroLogistics is a major producer of propylene with operations in the vicinity of the Houston Ship Channel.
Through its subsidiaries, Flint Hills Resources is a leading refining, biofuels and chemicals company.
The deal was originally announced in May.
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