EagleClaw Midstream, Blackstone Energy Partners and I Squared Capital Form Leading Delaware Basin Midstream Partnership
Vinson & Elkins advised EagleClaw Midstream (EagleClaw or the Company) and funds managed by Blackstone Energy Partners (Blackstone) in connection with the binding agreements between EagleClaw, Blackstone and I Squared Capital, pursuant to which I Squared Capital has committed over $500 million of cash and contributed its Delaware Basin midstream portfolio company, Pinnacle Midstream, and become a partner in BCP Raptor Holdco, the parent company for EagleClaw.
In addition, the parties announced the closing of EagleClaw’s previously-announced acquisition of Caprock Midstream. Proceeds from I Squared Capital’s investment, together with additional investments by Blackstone and EagleClaw’s management team, are being used to fund EagleClaw’s continued growth, including the expansion of EagleClaw’s system, the acquisition of Caprock Midstream, and the ongoing construction of the Permian Highway Pipeline.
The V&E corporate team was led by partner Keith Fullenweider, senior associate Benji Barron and associate Robert Hughes, with assistance from partner Peter Marshall and associates Kathryn Hastings, Maggie Webber, Danny Wicoff, Daniel Hatch and Erin Mitchell. Also advising were partner John Lynch and associates Brian Russell and Neil Clausen; partner David Wicklund; senior associate Matt Dobbins and associate Jennifer Cornejo; partner Shane Tucker and senior associate Dario Mendoza; partner Billy Vigdor; partner Tom Wilson, counsel Grace Ho and associate Robert Sheppard; counsel Prentiss Cutshaw and Scot Dixon; and counsel Sarah Mitchell.