Anadarko Announces $4B Midstream Asset Sale; Western Gas Announces Simplification Transaction
Anadarko Petroleum Corporation announced a transaction to sell substantially all of its remaining midstream assets for $4.015 billion to Western Gas Partners, LP (WES), with $2.0075 billion cash proceeds, and the balance to be paid in new Western Gas equity. Concurrently WES announced it has entered into a merger agreement with Western Gas Equity Partners, LP (WGP), which will result in a simplified midstream structure. The sale is expected to close in the first quarter of 2019, concurrently with the closing of the merger. Vinson & Elkins served as transaction counsel to Anadarko Petroleum Company, WGP and WES.