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Latham & Watkins represents Howard Midstream in the 50/50 joint venture, while WPX turned to a deal team from Holland & Hart in Denver.
On June 13, Howard Midstream announced it had signed a strategic partnership with WPX to develop an oil and natural gas gathering and processing infrastructure in the Delaware Basin, which is located in the western Permian Basin. The system would be supported by production in New Mexico and Texas. The new joint venture is valued at $863 million.
To fund the joint venture, Howard Midstream partnered with three investment firms, and the partnership committed to spend $563 million on the joint venture. Kirkland & Ellis represents AIMCo (Alberta Investment Management Co.), Simpson Thacher & Bartlett represents Alinda Capital Partners, and Sidley Austin represents GIC.
The transaction is expected to close during the third quarter subject to certain closing conditions.
At Latham, Houston partner Jeffrey Munoz leads the deal team, with assistance from associates Lauren Anderson and Christin Shaheen. Also, tax partner Tim Fenn and associate James Cole, both of Houston, are advising on tax matters.
Wendy Brooks, senior counsel at WPX, is working in-house on the deal. Lucy Stark, a partner in Holland & Hart in Denver, leads the firm’s deal team for WPX. The Denver team also includes partners Leslie Boyle, Sam Edwards, Stephanie Edinger and Adam Cohen; of counsel Todd Criger; and associates Nick Venetz, Sarah Ritchey, Dillon Peters, Kate Kalanick and Michael Robertson.
For AIMCo, Kirkland corporate partner Adam Larson of Houston leads the team, along with associates Cy Jones, Jackie Kelso, Leslie Vaughn, John Montgomery and Hannah Marshall. Also, corporate partner Jonathan Castelan is handling oil and gas matters, and partners Chad McCormick and Mark Dundon and associate Tim Campany are advising on tax issues.
The Simpson Thacher lawyers for Alinda Capital include Houston partner Chris May and New York partner David Lieberman.
The deal team for GIC at Sidley is led by New York partner Asi Kirmayer. Others are partners Tim Chandler of Houston and Laura Barzilai of New York; counsel Andrew Erdmann of New York; and associates Arnie Fridhandler of New York and Adam Decker of Houston.