© 2013 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
Western Gas Resources (the Partnership) has agreed to acquire a 33.75 percent interest on some of fellow Woodlands-based company Anadarko Petroleum Corporation’s non-operated midstream assets for total consideration of $490 million.
The consideration consists of $465.5 million in cash and 449,129 common units of the Partnership. The assets are currently held by a subsidiary of Anadarko in Northern Pennsylvania.
Evercore Partners is the financial advisor to the special committee of the general partner of Western Gas Partners. Baker Botts is representing Evercore in the deal with Houston corporate partner Hillary Holmes serving as the lead attorney.
Houston associate Jonathan Bobinger is also assisting.
According to Holmes, this acquisition is a complement to the Partnership because it adds to the MLP’s fee-based assets.
“It’s a steady stream of cash over time,” she said.
Holmes has represented Evercore in a similar transaction in 2012 between the Partnership and Anadarko that involved a processing plant instead of midstream assets.
Bracewell & Giuliani is representing the special committee to the general partner of Western Gas Partners, with Houston partners Gary Orloff and Dan Witschey serving as the lead attorneys.
The transaction is expected to close on Friday.
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