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BigTex firms Locke Lord, Vinson & Elkins, and Akin Gump Strauss Hauer & Feld are representing WildHorse Resource Development in its pending $625 million purchase of Eagle Ford assets from Anadarko Petroleum Corp. and affiliates of Kohlberg Kravis Roberts & Co. (KKR). Two out-of-state firms with Texas offices represent the other side, with Sidley Austin representing Anadarko and Kirkland & Ellis advising KKR on the deal.
The Eagle Ford Shale is considered the largest oil & gas development in the world.
On May 11, Houston-based WildHorse announced a definitive agreement to acquire about 111,000 net acres and associated production from Anadarko and the KKR affiliates. Terms of the agreement call for WildHorse to pay $556 million in cash to The Woodlands-based Anadarko and provide 6.3 million shares of WildHorse common stock valued at about $69 million to KKR. The transaction is expected to close by June 30, with an effective date of Jan. 1.
After closing, WildHorse will become the second-largest operator in the Eagle Ford Shale.
Locke Lord, V&E and Akin Gump advised WildHorse on the transaction and WildHorse’s financing.
At Locke Lord, Houston partners Terry Radney, Mitch Tiras and Hunter Summerford are leading the deal team. Others are partners Greg Heath, Jerry Higdon, Sara Longtain, Tammi Niven and Ed Razim, and associates Tom Hillebrand and Kerstie Moran, all of Houston. Also, Dallas partner Van Jolas and associate Danielle Olson are working on the acquisition.
The V&E team is led by Houston partners Douglas McWilliams and James Prince and senior associate Shamus Crosby, with assistance from senior associate Brett Riesenfeld and associates Robert Hughes, Austin March, McCall Grimes, Stephen Savoca and Andrew Klein. Others are partners Judy Blissard and John Lynch, both of Houston, and Wendy Salinas of Dallas.
Akin Gump partners William Morris and Eric Munoz, both of Houston, also represent WildHorse.
At Sidley, the team for Anadarko includes Houston associates Katy Lukaszewski, Sabra Thomas and John Brannan; Washington, D.C. partner Karen Kazmerzak and associate Jamie Sadler; Chicago senior counsel Laura Leonard and Dallas partner Kelly Dybala.
The Kirkland lawyers for KKR, all in Houston, are led by corporate partners Anthony Speier, Doug Bacon, John Pitts and David Castro and associates Christopher Heasley and Cy Jones.