Fort Worth-based TPG Capital and Washington, D.C.-based ACON Investments announced Oct. 6 that they have signed definitive agreements to purchase the majority of Marathon Oil Corp.’s Minnesota downstream assets for $900 million.
Lawyers at Vinson & Elkins and Cleary Gottlieb Steen & Hamilton are advising TPG Capital and ACON Investments on the transaction, which includes the acquisition of Marathon’s 74,000-barrel-a-day St. Paul Park Refinery; an equity interest in the Minnesota Pipeline; a portion of Marathon’s convenience stores, located primarily in Minnesota; and franchise-related businesses, according to V&E mergers and acquisitions partner Keith Fullenweider of Houston, who leads the firm’s team. Brian Brantley, an M&A associate with V&E in Houston, says the deal is expected to close this year.
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