Deal of the Week: Baker Botts Heads $520 Million Deal

Deal of the Week: Baker Botts Heads $520 Million Deal Image: Clipart

Baker Botts is representing Chesapeake Energy Corp. in its pending sale of midstream compression assets to Access Midstream Partners and Exterran Partners for about $520 million.

Latham & Watkins in Houston is representing the buyers.

On Feb. 28 Chesapeake, based in Oklahoma City, announced the execution of two agreements. Access Midstream and Exterran agreed to purchase 437 compression units and related assets from Chesapeake subsidiary MidCon Compression in two separate transactions. The purchases are expected to close by the end of the second quarter, subject to certain closing conditions.

Houston-based Exterran has agreed to buy 334 units that serve gathering systems in Arkansas, Louisiana, Oklahoma and Wyoming for $360 million. Access Midstream, of Oklahoma City, has agreed to buy 103 compression units that serve gathering systems in Ohio, Pennsylvania and West Virginia for $160 million.

The Baker Botts team for Chesapeake, includes, in Houston, partners Hillary Holmes, James Chenoweth, Gail Stewart and Scott Janoe; senior associate Katie Ryan; associates Travis Wofford, Eileen Boyce and Zackary Pullin; and special counsel Chris Pratt. Others are partner Matt Larsen in Dallas, and partner Thomas Fina and special counsel Michael Bodosky, both in Washington, D.C.

On the in-house side at Chesapeake, Jeff Zanotti is working on the deal.

At Latham, the lawyers advising Exterran include M&A partner Robin Fredrickson and capital markets partner Ryan Maierson, along with associates Elizabeth More and Patricia Hammond.

The Latham lawyers for Access include M&A partner Jeffrey Munoz and associates Yvette Schultz and Christopher Bennett.

At Access, Regina Gregory, vice president and general counsel, and Rohan Kamath, senior attorney, also are involved in the deal.

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