• About
  • Privacy & Policy
  • Contact Us
Procurement Nation
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Contact Us
No Result
View All Result
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Contact Us
No Result
View All Result
Procurement Nation
No Result
View All Result

Latham, Vinson & Elkins drive Phillips 66’s partnership buyout

Mark White by Mark White
October 28, 2021
in Logistics
0

Latham & Watkins offices in New York City. REUTERS/Andrew Kelly

  • Latham & Watkins advises Phillips 66
  • Vinson & Elkins guides partnership’s conflicts committee
  • Buyout comes day after another energy deal featuring Vinson & Elkins

(Reuters) – Latham & Watkins and Vinson & Elkins are working on oil refiner Phillips 66’s deal to buy the remaining stake in Phillips 66 Partners pipeline developer and operator for $3.4 billion.

Phillips 66 said on Wednesday that taking the partnership private would simplify its governance and business structure. The deal comes amid a series of mergers and acquisitions in the energy industry featuring Vinson & Elkins.

Houston-based Phillips 66 has tapped a Latham team led by corporate partners Thomas Brandt and William Finnegan.

Vinson & Elkins attorneys are advising return client Phillips 66 Partners’ conflicts committee of independent directors. The firm’s team is led by corporate senior partner Alan Bogdanow and partner Peter Marshall.

Bogdanow and Marshall counseled Phillips 66 Partners’ conflicts committee on several deals, including the entity’s purchase of Phillips 66’s 50% stake in Liberty Pipeline, according to a February 2020 firm press release.

This latest Phillips 66 transaction is expected to close in 2022’s first quarter.

Phillips 66’s financial advisors are Citi and BofA Securities Inc, while the conflicts committee’s is Evercore Inc.

The Phillips 66 deal is part of a flurry of M&A activity in the energy industry in recent months, including several deals involving Vinson & Elkins.

Wednesday’s deal news comes just a day after oil and gas pipeline operator Crestwood Equity Partners LP said it agreed to purchase Oasis Petroleum Inc’s midstream unit for $1.8 billion. Vinson & Elkins has paired with longtime client Oasis Petroleum for the sale, while Baker Botts advised Crestwood.

Vinson & Elkins is also among three law firms arranging Canadian pipeline operator Enbridge Inc’s $3 billion deal to purchase logistics company Moda Midstream Operating LLC and claim ownership of North America’s largest crude export terminal.

The firm is representing Moda. Sidley Austin is advising Enbridge, and Shearman & Sterling is working with Moda’s seller, private equity firm EnCap Flatrock Midstream.

Read more:

Phillips 66 to buy remaining stake in partnership for $3.4 billion

Baker Botts, Vinson & Elkins fuel Crestwood’s $1.8 bln Oasis midstream buy

Trio of law firms fuels Enbridge buy of N. America’s largest oil export hub

Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes. Reach her at [email protected]

]

Source link

Previous Post

U.S. holiday sales could hit record levels of over $800 billion – NRF

Next Post

Ioneer set to begin lithium production jointly with Sibanye in U.S. plant

Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

Next Post
Renewable energy jobs grew globally in 2020 despite COVID-19 crisis

Ioneer set to begin lithium production jointly with Sibanye in U.S. plant

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About
  • Privacy & Policy
  • Contact Us
Call us: +1 234 JEG THEME

© 2021 Procurement Nation - Supply Chain & Logistics News

No Result
View All Result
  • Procurement
  • Supply Chain
  • Logistics
  • Science
  • Technology

© 2021 Procurement Nation - Supply Chain & Logistics News